To Be Enforceable, a Contract Must Be Supported by Consideration

question 24

True/False

To be enforceable, a contract must be supported by consideration.

Calculate material price variances and material quantity variances.

Calculate labor rate variances and labor efficiency variances.

Understand and apply variable overhead efficiency and rate variances.

Prepare budget reports, including planning and flexible budgets.

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Definitions:

Sole Proprietorship

A form of business under which one person owns and controls the business.

Unsecured Consumer Debt

Debt that is not backed by collateral and primarily arises from personal loans, credit card expenses, and medical bills.

Bankruptcy Code

A legal framework in the United States that governs bankruptcy procedures and debt resolutions for individuals and businesses.

Reorganization Petition

A legal document filed in bankruptcy proceedings, aiming to restructure a company’s debts and operations rather than liquidate.