A valid contract requires consideration. Which of the following could be consideration?
A. $1 or more
B. Performance of services
C. A promise to give something that the parties consider to be of value
D. All of the above
Answer: D. All of the above
Explanation: Consideration may be money, property, services, or a promise to provide something of value in the future.
Business
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Indicate whether the statement is true or false
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Ben Fasby has taxable income of $7,000, and the following tax rate schedule is applicable:
Taxable Income Tax Rate $0 to $3,400 0 % $3,400 to $5,500 12 % $5,500 to $7,600 14 % Ben's average tax rate is A) 6.6%. B) 8.3%. C) 12.0%. D) 14.0%.
Business