An Illusory Promise Is

question 19

Multiple Choice

An illusory promise is:

• A)Never sufficient to be consideration because it is considered fraudulent.
• B)Supported by consideration if the acceptance is also illusory.
• C)Usually considered to be sufficient consideration,although some states will consider it to not meet the consideration requirement if the amount and circumstances "shock the conscience" of the court.
• D)One that a party has to perform if he or she chooses to do so.

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Definitions:

Subsidiary Ledgers

Detailed ledgers that contain information about specific accounts, which then are summarized in a single control account in the general ledger.

General Ledger

A master accounting document providing a complete record of all the financial transactions of a business.

Subsidiary Posting

The process of transferring summary totals from the journal into the respective ledger accounts.

General Ledger

A comprehensive log of every financial transaction throughout a company's existence.