When Parties to a Contract Include in the Contract Itself

question 23

Multiple Choice

When parties to a contract include in the contract itself a specific provision forbidding assignment, such a contract is called a:

• A) contract with assignment restrictions.
• B) contract with an impeachment clause.
• C) contract with an arbitration clause.
• D) contract with an exemption clause.

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Definitions:

Major Categories

Broad, overarching groups or classes into which items, ideas, or phenomena are classified based on shared characteristics or attributes.

Inventory Items

Goods or products that a business holds for the purpose of sale or production, including raw materials, work-in-progress, and finished goods.

Periodic Inventory System

An inventory accounting method where inventory and cost of goods sold are determined at the end of an accounting period based on a physical count.

Ending Inventory

Ending inventory is the total value of all inventory, including raw materials, work-in-progress, and finished goods, that a company has at the end of its fiscal period.