Consideration is a key requirement of all contracts. Define consideration and give examples of each element.
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Consideration is a key requirement of all contracts. Define consideration and give examples of each element.
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- What are the terms used for the parties involved in the offers and negotiations leading up to the final contract? offeree and counteror offeror and recipient offeror and counteror offeror and offereewhat is the functionalist view on zero hour contracts?What are the two exceptions to the general rule that an entity should allocate the transaction price based on the relative standalone selling price? Are the percentage-of completion and the completed contract methods both viable alternatives for a given contract Explain Does aggregating the five components of pension cost always result in a reduction in income? Do corporations report the projected benefit obligation and the plan assets as individual accounts on the sponsor corporation’s balance sheet?
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- a) List the five requirements for contract formation and give a short (approximately 1–2 sentences) description of each requirement.b) Choose one of the requirements from your answer to (a). Write a short (approxi- mately 5–10 sentences) example of a contract that does not satisfy this requirement and explain why.It is said that we all make a variety of contracts every day. How can this be? How do we make agreements without actually necessarily saying anything to another party or even determining the terms of these agreementsDescribe the payment system and incentive idea for two different kinds of negotiated contracts.
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