Executory Costs Should Be Excluded by the Lessee in Computing

question 25

True/False

Executory costs should be excluded by the lessee in computing the present value of the minimum lease payments.

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Definitions:

Signature

Under the Uniform Commercial Code, “any symbol executed or adopted by a party with a present intention to authenticate a writing.”

Time For Payment

The specific period designated for the remittance of funds owed under a contract or agreement.

Presentment

The act of presenting an instrument to the party liable on the instrument to collect payment; the act of presenting an instrument to a drawee for acceptance.

Negotiable

Referring to instruments or documents whose rights or monetary value can be transferred to another individual through endorsement or delivery.