The Receivable That Is Usually Evidenced by a Formal, Written

question 161

Multiple Choice

The receivable that is usually evidenced by a formal, written instrument of credit is a (n)

• A) trade receivable
• B) note receivable
• C) accounts receivable
• D) income tax receivable

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Definitions:

Unconscionable Transaction

An equitable principle allowing courts to set aside a contract in which a party in a superior bargaining position took advantage of the other party and the consideration was grossly unfair.

Undue Influence

The use of excessive pressure by a dominant party to influence the decisions or actions of another, often undermining their free will.

Equitable Jurisdiction

The authority of a court to decide on cases based on fairness and ethical judgment rather than strictly on laws.

Undue Influence

Excessive pressure or influence exerted on someone, forcing them to act against their will or better judgment in legal and financial transactions.