The body of law that governs oral and written agreements associated with the exchange of goods, services, money and property is known as <u>contract law</u>.
<h3>What is contract law?</h3>
Contract law can be defined as a set of law that governs oral and written agreements between two or more parties with respect to the buying and selling of goods, services, debt, loans, property, etc.
<h3>What is a contract?</h3>
A contract can be defined as a formally written agreement between two or more parties such as a group of people, team, etc., which primarily gives rise to a mutual legal obligation that is enforceable by law across specific jurisdiction in the world.
<h3>The types of contract.</h3>
Generally speaking, there are different types of contract in business and these include the following:
- Fixed-price contract
- Cost-plus contract
- Bilateral contract
- Implied contract
- Unilateral contract
- Adhesion contract
- Unconscionable contract
- Option contract
- Express contract
- Executory contract
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Answer:
Allegheny will report $5,800 as Uncollectible Accounts Expense on its Year 2 income statement.
Explanation:
Bad debt Expense will be calculated using the percentage of debt loss. The expense will be calculated using the account receivable balance.
Allowance for Doubtful Accounts is estimated as $4,000 for year 2
Before Adjustment year 2
Allowance for Doubtful Accounts Balance = $2,400 credit - $4,200 = $1,800 debit
Account receivable balance = $54,000 - $4,200 = $49,800
As Allowance for Doubtful Accounts already have debit balance of $1,800, we need to adjust the remainder to make the closing balance of Allowance for Doubtful Accounts $4,000 at the year end.
Adjustment Value = $4,000 + $1,800 = $5,800
Answer:
The answer is A, "Indemnification".
Explanation:
Indemnification is the right that people have in a contract in the case of one of the parties fails with their obligations. It pays for actions caused by negligence in some cases, it also is agreed in order to protect one of the parts of the contract for financial loss or any other damages caused.
<span>health insurance
retirement savings</span>
