Conditional Contract Agreement Between Wally and Joe

What kind of agreement do Wally and Joe have regarding Wally's fishing store?

A. Fixed-term Contract

B. Conditional Contract

C. Oral Agreement

D. Written Agreement

Answer:

B. Conditional Contract

Wally and Joe have a conditional contract agreement regarding Wally's fishing store. This means that Wally's obligation to pay Joe $1000 per month is contingent upon the fishing store remaining in operation. If the store dissolves, Wally's obligation to pay Joe will cease.

← How to record estimated warranty expense in accounting How to properly record payment with discount in accounting →

More Posts: