9. Which one of the following is not a condition for a valid contract? A. There must be no known reasons to prevent its completion. B. There must be at least two competent and identifiable parties. C. It must involve the transfer of a specified amount of cash. D. The terms and conditions must be specified.

Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter9: Auditing The Revenue Cycle
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9. Which one of the following is not a condition for a valid contract?
A. There must be no known reasons to prevent its completion.
B. There must be at least two competent and identifiable parties.
C. It must involve the transfer of a specified amount of cash.
D. The terms and conditions must be specified.
Transcribed Image Text:9. Which one of the following is not a condition for a valid contract? A. There must be no known reasons to prevent its completion. B. There must be at least two competent and identifiable parties. C. It must involve the transfer of a specified amount of cash. D. The terms and conditions must be specified.
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