A Lottery Is an Example of an Offer for a Unilateral

question 39

True/False

A lottery is an example of an offer for a unilateral contract.

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Definitions:

Principal Repayment

The process of paying back the original amount borrowed from a lender, excluding interest payments.

Remote Contingent Liability

A potential liability that is considered unlikely to occur and thus is not recorded in financial statements but may be disclosed in the notes.

Disclose Only

A policy or requirement of revealing information without necessitating additional actions or changes based on the disclosure.

Note Issuance

The process of creating and distributing promissory notes, which are written promises to pay a specified sum of money at a future date.