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Interest on a 6-Month, 10 Percent, $10,000 Note Is Calculated

question 68

True/False

Interest on a 6-month, 10 percent, $10,000 note is calculated by multiplying $10,000 * 0.10 * 6/12.

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Definitions:

Disclaim Warranties

A statement made by a seller that specifies they are not providing guarantees about the condition or quality of goods being sold.

UCC

The Uniform Commercial Code, a comprehensive set of statutes designed to provide uniformity and predictability in commercial transactions across the United States.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made when the other party has reasonably relied on that promise to their detriment.

Consideration

A fundamental component in contract law, referring to something of value that is exchanged between parties as part of an agreement.

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