To Be Legally Sufficient,consideration Must Include Something of Economic Value

question 25

True/False

To be legally sufficient,consideration must include something of economic value.

---

Definitions:

Accounts Receivable

This term refers to the money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Accounts Payable

The amount of money a company owes to suppliers or creditors for goods and services received but not yet paid for.

Merchandise Inventory

Goods held for sale by a business, typically in a retail or wholesale setting, valued at either cost or market price.

Building Contractors

Businesses or individuals that oversee the construction of buildings or structures, managing materials, labor, and compliance with regulations.