Whether a Contract with an Unlicensed Professional Is Legal and Enforceable

question 59

True/False

Whether a contract with an unlicensed professional is legal and enforceable depends on the purpose of the licensing statute.

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Definitions:

Revenues Earned

Represents the total amount of income generated from sales of goods or services before any deductions.

Percentage-Of-Completion

An accounting method used to recognize revenue and expenses of long-term contracts proportionally over the life of the contract based on the degree of completion.

Efforts-Expended Method

A accounting technique used to recognize revenue proportionally to the work or effort that has been completed on a project, commonly applied in long-term contracts.

Output Measures

Metrics or indicators used to quantify the level of products or services produced by a company or an industry.