One approach to the development of a transfer price is to use the market value if the item has an existing market at the time of transfer
Indicate whether the statement is true or false
True
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Nominal damages are awarded in contract cases in which a damage amount was named in the contract
a. True b. False Indicate whether the statement is true or false
Which of the following is correct with regard to consideration?
a. In a unilateral contract, a promise is exchanged for an act or forbearance to act. b. In a bilateral contract, there is an exchange of promises. c. Legal sufficiency is always related to adequacy of consideration. d. Two of these are correct.
A gratuitous assignment is revocable by the assignor
a. True b. False Indicate whether the statement is true or false
The UCC provides that a merchant is bound to keep a written offer open for the stated period, but no longer than:
a. ten days. b. two months. c. three months. d. a reasonable time.