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Mark Agrees to a Three-Year Employment Contract with State University

question 49

True/False

Mark agrees to a three-year employment contract with State University as long as they become accredited after one year.This contract contains a "condition subsequent."


Definitions:

Negotiable

Referring to the ability of the terms of an agreement, document, or financial instrument to be adjusted or transferred in accordance with all parties' consent.

Certificates of Deposit

Financial instruments issued by banks that offer a fixed interest rate in exchange for keeping deposited funds untouched for a predetermined period.

Nonnegotiable

Pertaining to a term, condition, or instrument that cannot be altered or bargained upon, often legally or contractually fixed.

Accelerated Payment

A payment method that allows for early settlement of a debt, often reducing the amount of interest.

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