Which of the Following Is Not Necessary for a Contract

question 41

Multiple Choice

Which of the following is not necessary for a contract to be binding?

• A) Signing parties must have their signatures notarized.
• B) Signing parties must exchange something of value or agree not to do something they are legally entitled to do.
• C) Both parties must sign the contract.
• D) Witnesses must be present.
• E) All of the above

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Definitions:

Marginal Revenue

The additional income gained from selling one more unit of a product or service.

Marginal Cost

The supplementary expenditure arising from the creation of an additional unit of a good or service.

Total Revenue

The entire amount of income generated by the sale of goods or services related to the company's primary operations.

Variable Costs

Costs that vary directly with the level of production, such as materials and labor directly involved in manufacturing.