What is consideration and what are the two basic elements of consideration?
Consideration is the inducement, price, or promise that causes a person to enter into a contract and forms the basis for the parties' exchange. Contracts must be a two-way street. If one side gets all the benefit and the other side gets nothing, then an agreement lacks consideration and is not an enforceable contract. Consideration is proof that the parties intended to be bound to their promises. There are two basic elements of consideration: value and bargained-for exchange.
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When a follower becomes part of a leader’s in group, it is often based largely on what type of exchanges?
a. tangible b. intangible c. political d. none of these
Because it is a necessary financial statement, the work sheet must be prepared according to specified accounting procedures.
Answer the following statement true (T) or false (F)
Jolie signs a contract with Keaton, an unlicensed physician, to perform plastic surgery—a medical procedure. This contract is enforceable by
a. Jolie. b. Jolie's medical insurance company. c. Keaton. d. no one.
Common-sized balance sheets
A) show each balance sheet account as a percentage of total assets. B) show each balance sheet account as a percentage of total sales. C) show data for companies in the same industry. D) show data for companies with approximately the same amount of assets.