Which of the Following Is Not an Example of a Contract

question 138

Multiple Choice

Which of the following is not an example of a contract?

• A)a verbal agreement for the sale of a car where neither the money nor the car has yet changed hands
• B)a verbal agreement to work for someone starting next week
• C)an implied promise to pay for a meal when you order it
• D)an agreement not to sue someone for negligence in exchange for their promise to pay you a specified amount
• E)a written promise to give your husband a ring for Christmas

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Definitions:

Partnership Liquidation

The process of closing a partnership by distributing its assets to settle debts and then to the partners according to their ownership interests.

Gains and Losses

Financial terms referring to the positive or negative changes in value of investments or assets relative to their original purchase price.

Liquidation Gain/Loss

The financial result realized when the assets of a company are sold off or liquidated.