Which Sequence Shows the Order of Importance of Terms of a Contract,from

question 1

Multiple Choice

Which sequence shows the order of importance of terms of a contract,from the most important to least important?

• A)Conditions,warranties and intermediate terms.
• B)Warranties,conditions,intermediate terms.
• C)Conditions,intermediate terms,warranties.
• D)Intermediate terms,conditions,warranties.
• E)Intermediate terms,warranties,conditions.

---

Definitions:

Unamortized Patent

The portion of a patent's cost that has not yet been expensed in the income statement over its useful life.

Amortization Expense

The systematic allocation of the cost of an intangible asset over its useful life.

Fair Value

The proceeds from liquidating an asset or the fees involved in transferring a liability during a regular transaction with engaged market members on the bookkeeping date.

Undervalued Patent

A patent that is recognized at a market value lower than its potential earning power or its replacement cost.