In Order to Possess Future Service Potential an Asset Must

question 188

True/False

In order to possess future service potential an asset must have physical substance.

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Definitions:

Assignor

The party in a contractual agreement who transfers rights or obligations to another, known as the assignee.

Assignee

An individual or entity to whom rights or interests have been transferred by another party, known as the assignor.

Consideration

An essential element in contract law, referring to something of value exchanged between parties as part of entering into a contract.

Beneficiary Modification

Changes made to the designated recipient of benefits or entitlements under a legal instrument such as a will or insurance policy.