A[n] ________ Arises When a Person Acknowledges in Court That

question 14

Multiple Choice

A[n] ________ arises when a person acknowledges in court that he or she will perform some specified act or will pay a price upon failure to do so.

• A)Implied-in-fact
• B)Contract under seal
• C)Voidable contract
• D)Recognizance
• E)Informal contract

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Definitions:

Federal Taxes

Mandatory financial charges collected by the federal government to fund public services and projects.

State Taxes

Taxes imposed by state governments on income, sales, property, and other activities within their jurisdiction.

Federal Government

The national government of a federated state, which shares sovereignty with the individual state or provincial governments.

Property Tax

A tax on the value of property, such as the value of a home.