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Alice purchases a new personal auto and finances the purchase through the dealer. The interest of $760 she pays on the car loan during the current tax year is deductible.
Contract Obligations
Responsibilities and duties that parties are legally bound to perform as per the terms of a contract.
Commercial Impracticability
A doctrine in contract law that excuses a party from fulfilling their contractual obligations due to unforeseen, extreme hardships.
Revoking Acceptance
The act of legally rejecting a product or service after initially accepting it, based on certain conditions being met.
Nonconforming Goods
Products or items delivered under a contract that do not meet the specifications, standards, or requirements agreed upon.
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