If One Party Wants to Rely on a Limitation Clause

question 36

True/False

If one party wants to rely on a limitation clause they must bring it to the attention of the other party at the time the contract was made.

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Definitions:

Net Income

Company's overall earnings post the subtraction of taxes and operational costs from its total revenue.

Trend Income Statement

An income statement that shows several years of financial data in a horizontal format, making it easier to identify trends and patterns.

Sales

The total amount of goods or services sold by a company during a specific period.

Trend Balance Sheet

A financial statement that shows how the assets, liabilities, and equities of a company have changed over a period of time.