Match the Term with Its Definition

question 6

Multiple Choice

Match the term with its definition.
-A short-term loan

• A)cash budget
• B)line of credit
• C)net working capital
• D)percentage-of-sales technique
• E)pro forma financial statements
• F)spontaneous debt financing

Distinguish between conditions precedent and subsequent in contractual agreements.

Understand the role of power of attorney in legal representations and agreements.

Comprehend the implications of subsequent agreements on initial contracts.

Recognize the enforceability of promises affecting third parties not in writing under the Statute of Frauds.

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Definitions:

Fixtures

Items that are originally personal property but become real property when attached in a permanent manner to real estate.

Furnishings

Items designed to make a space such as a room or building suitable for living or working in, including furniture, floor coverings, and decorations.

Limitations Period

A set period of time within which a legal claim must be filed or be permanently barred.

Breach

A violation or infringement of a law, obligation, standard, or agreement.