An oral or written agreement between two or more parties is called what?

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Study for the ACFE Accounting Terms Test with interactive quizzes. Prepare with multiple choice questions, each question accompanied by explanations and hints. Ensure your success with our study materials!

Multiple Choice

An oral or written agreement between two or more parties is called what?

A contract is a legally binding agreement between two or more parties. It can be oral or written and creates enforceable rights and obligations. For a contract to be valid, key elements typically include an offer, acceptance, consideration, mutual intent to be bound, and legality of the purpose. Some contracts must be in writing to be enforceable under certain laws, but many oral contracts can still be binding. The other terms refer to different concepts: principal relates to someone who authorizes an agent, the going concern principle is an accounting assumption about continuing operations, and asset turnover ratio is a measure of efficiency.

An oral or written agreement between two or more parties is called what?

Study for the ACFE Accounting Terms Test with interactive quizzes. Prepare with multiple choice questions, each question accompanied by explanations and hints. Ensure your success with our study materials!

An oral or written agreement between two or more parties is called what?

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