Promises in a contract to transfer a good or service can be implicit or explicit. Which one of the following statements is correct? Promises may be implied by an entitys customary business practices, published policies or specific statements. These promises are identifiable at contract inception if a valid expectation is created that a good or service will be transferred. As a marketing incentive Stand Up Inc. offers a free paddle and coiled ankle leash to all customers buying a stand-up paddle board in the month of April. Given the free accessories are a marketing incentive they are not promises in the contract. Autos Ltd. run an advertising campaign stating that customers that buy a car in June will get two years of free servicing, however the free servicing is not specified in any contract. Therefore the free servicing is not a promise in the contract. To set up a contract with a new customer Telecommunications Inc. needs to complete various administrative tasks. Given the administrative tasks are required to set up the contracts they must be considered as part of the promises in the contract.