A[n] _______________ Arises When a Person Acknowledges in Court That

question 19

Multiple Choice

A[n] _______________ arises when a person acknowledges in court that he or she will perform some specified act or will pay a price upon failure to do so.

• A) Contract under seal
• B) Voidable contract
• C) Recognizance
• D) Implied-in-fact
• E) Informal contract

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Definitions:

Percent Equivalent

A way to express a number as a fraction of 100, commonly used to compare proportions.

Compound Interest

Interest calculated not only on the original amount of the deposit or loan but also on the interest that has accumulated over previous periods.

Compound Interest

Calculated interest on a deposit or loan that involves the initial principal plus the interest that has built up in past periods.

Fraction

A mathematical expression representing the division of one integer by another, indicating a part of a whole.