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ira [324]
2 years ago
5

There is no consideration and therefore no enforceable contract for transactions relating to ____.

Social Studies
1 answer:
Pie2 years ago
3 0

There is no consideration and therefore no enforceable contract for transactions relating to Gifts.

A gift is a contract without fair consideration and requires performance to be valid. A valid gift is therefore a concluded contract by the giver's actual delivery of the gifted item to the donee or someone on behalf of the donee, or by the giver's delivery of the means of obtaining the gifted item without further action for possession.

The intention to give must be accompanied by service, and service must be done with the intention to do. Otherwise, there is only the intention or promise of being gratuitous, and it is simply void. The transfer of ownership of the gift item or means of obtaining it is essential to making a valid donation, in order to render it an irrevocable disposal.

Know more about gift contract here

brainly.com/question/24157554

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The first step, which is closing of the revenue account, involves the movement of the credit balances to the income summary from the revenue accounts.  In the second step, the closing of the expense account, we move the debit balances to the income summary. The balance found in the income summary account are moved to the retained earnings account as the third step, which is the Closing the Income Summary account. In the fourth step, the dividend accounts are close by transferring debit balances in the dividend to retained earnings.

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