Examlex
Under Generally Accepted Accounting Principles, FIs have flexible rules in recognizing the amount and timing of loan losses.
Gratuitous Agent
An agent who acts without being paid for his or her services.
Consideration
The bargained-for exchange; what each party gets in exchange for his or her promise under a contract.
Authority
The power or right to make decisions, give orders, and enforce obedience.
Principal
The main party to a transaction, such as the owner of a business, or the amount of money loaned or invested, excluding interest or profits.
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