If a Person Says That He Had Not Intended to Be

question 60

True/False

If a person says that he had not intended to be bound by an agreement when he entered it, there can be no contract.

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Definitions:

Cash Collections

The process of managing and collecting payments from customers for goods or services provided, crucial for maintaining a company’s liquidity.

Industrial Gas

Gases produced for use in industrial processes, such as oxygen for steel-making or nitrogen and argon for welding.

Merchandise Inventory

Items held for sale in the ordinary course of business, often quantified for accounting and operational purposes.

Monthly Depreciation

The portion of a tangible asset's cost that is allocated as an expense over a month, reflecting the asset's usage and wear and tear.