Thomas Is in Charge of Taking Formal Minutes During an Institute

question 9

Multiple Choice

Thomas is in charge of taking formal minutes during an Institute of Internal Auditors chapter meeting. Which of the following is the best advice?

• A) Thomas should record new business only because old business will appear in previous minutes.
• B) Thomas does not have to record the exact wording of motions because that would be too time consuming.
• C) Thomas should be certain to record voting results and actions taken.
• D) Because he is taking the minutes on behalf of the organization, Thomas doesn't have to include his name and signature as the person recording the minutes.

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Definitions:

Illusory Promise

A statement that appears to assure a commitment but lacks the essential elements to bind the promisor legally.

Option to Cancel

A clause in a contract that allows one or more parties to terminate the agreement under certain conditions.

Legally Sufficient Consideration

refers to something of value or a promise exchanged between parties in a contract that is recognized by law as adequate to establish a binding agreement.

Preexisting Duty

An obligation that a party is already legally required to perform, which cannot serve as the basis for new consideration in a contract.