Examlex
Generally,Section 267 requires that the deduction of unpaid (accrued)expenses be deferred until the year in which the related payee recognizes the amount as income.
Patent
A legal right granted to an inventor, giving them exclusive control over the production, use, and sale of their invention for a certain period.
Bilateral Contract
A contractual agreement involving two parties where each party commits to fulfill specific obligations.
Unilateral Contract
A contract in which only one party makes a promise or obligation in exchange for an act by the other party.
Invalid Verbal Contract
An oral agreement that lacks enforceability by law, often due to the absence of required elements for a valid contract or due to specific types of agreements that require written form.
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