All categories

3 years ago

What are the four principles of a contract

1 answer:

3 0

An agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

You might be interested in

Which of the following policies often contains clauses that permit a social networking operator to collect and store data on use

Effectus [21]

Answer: 2) Terms of Use policy

Explanation:

Terms of service are a contract or agreement between the user of a website or in this case a social networking operator and the social networking operator itself. This agreement is meant to govern the terms of the relationship between the 2 parties in terms of what will be expected of both, i.e, their rights and responsibilities.

On the side of the social networking operator, one of the rights usually listed is one stating that the operator can collect and store data on users or even share it with third parties and so it is important to read the terms of use policy as best you can when you can.

7 0

3 years ago

Which is the last step in making a personal budget?

OlgaM077 [116]

The last step in making a personal budget is to reduce expenses in flexible categories. The correct option among all the options given in the question is option "B". Under normal circumstances, a person cannot make the adding up all sources of income as the last step. Then the expenses will not get added. The flexible expenses are expenses that can always be reduce or are not important expenses. The basis of making the budget is to reduce those unnecessary expenses. So the last step should always be to find ways to reduce the flexible or unwanted expenses.

4 0

3 years ago

Revocation of an offer is valid once it is __________________.

Amiraneli [1.4K]

Revocation of an offer is valid once it is <u>B. received</u> by the offeror (the person making the offer), meaning that it has been communicated to the other party by the offeree.

<h3>What is the revocation of an offer?</h3>

The revocation of an offer is the nullification or canceling of an offer by the offeree. It becomes effective when the offeree communicates to the offeror before acceptance.

Once the revocation has been communicated, the offer is no longer considered valid and cannot legally be accepted. The implication is that revocation goes into effect immediately it has been communicated to the relevant party.

Thus, revocation of an offer is valid once it is <u>B. received</u> by the offeror.

Learn more about offer revocations at brainly.com/question/26532053

5 0

2 years ago

Read 2 more answers

ABC expends $500,000 for work performed under a contract with a total contract price of $3 million and estimated costs of $2.5 m

rosijanka [135]

Answer:

a. $100,000

b. The $400,000 will be reported as accounts receivable in the balance sheet under current assets.

Explanation:

Under the cost to completion method, the amount of revenue earned from long term projects is a function of the cost incurred on the project. In other words, the more the cost incurred, the higher the revenue.

Given that the total contract price of $3 million and estimated costs of $2.5 million, when $500,000 is expended for work performed, actual revenue earned and to be recognized

= $500,000/$2.5 million *$3 million

= $600,000

Gross income = Revenue - cost of sales

= $600,000 - $500,000

= $100,000

If the company only bills $400,000 having earned $600,000

Debit Accounts receivables $400,000

Debit Unbilled receivables $200,000

Credit Revenue account $600,000

7 0

4 years ago

___________ is/are associated with collecting, storing, and distributing the product or service to buyers. They consist of wareh

gayaneshka [121]

Answer:

Outbound logistics

Explanation:

Logistics is defined as the process by which inventory and other goods are moved from their source to locations of use or consumption.

Outbound logistics for a business is concerned with movement of finished goods from a company to the consumer. It is movement of goods outward.

Various activities involved in this are storing, collection, order processing, warehousing, and distribution.

On the other hand inbound logistics deals with inflow of required raw materials and equipment for production or operations.

4 0

3 years ago

What are the four principles of a contract​

What are the four principles of a contract