To Obtain an Extension of Time for the Payment of an Account

question 28

True/False

To obtain an extension of time for the payment of an account, a customer may issue a note for any portion of the amount due.

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Definitions:

Conditional Contract

An agreement where the obligations or terms are only to be fulfilled if certain conditions are met.

Condition Concurrent

A situation in a contract wherein the parties involved must perform their respective obligations at the same time.

Washing

Typically refers to cleaning something by immersing and agitating it in water or another liquid.

Conditional Contract

An agreement that becomes enforceable only after certain conditions are met or fulfilled.