If a person expresses contract terms with such uncertainty that the terms are not definite, the promise is illusory but the deal is enforceable.
Answer the following statement true (T) or false (F)
False
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Which of the following is not true regarding investments in securities available-for-sale?
a. Firms initially record investments in securities available-for-sale at acquisition cost, including transaction costs. b. If a firm classifies debt securities as available-for-sale, it must amortize any difference between the purchase price and the maturity value of the debt over the remaining term to maturity. c. The amortization of any difference between the purchase price and the maturity value of the debt makes interest revenue on these debt securities differ from the cash receipts for debt service payments. d. On the date of each balance sheet, firms measure securities classified as available-for-sale at fair value. e. The difference between amortized cost for debt securities or the carrying value for equity securities and the fair value of these securities is a realized holding gain or loss.
Midwest Power Corporation wants to build a nuclear power plant on private land, for which a federal permit is required. For this action, an environmental impact statement is
A. prohibited. B. required. C. unnecessary. D. voluntary.
Which of the following would not create potential liability for the employer if asked during an interview?
a. Have you ever filed a workers' compensation claim for a work-related injury or illness? b. Do you believe in God? c. How often do you go out on dates? d. Why do you want to work for this company? e. Your accent is beautiful, where are you from?
Which of the following statements is not correct?
A. The book value of a long-term asset is reduced each year as depreciation is recorded. B. Salvage value is computed by subtracting the accumulated depreciation from the cost of a long-term asset. C. Buildings and trucks are examples of long-term assets. D. Generally accepted accounting principles require that the original cost of a long-term asset continue to appear in the asset account until the disposition of the asset.