Research to Determine If Your State Requires Consideration to Validate

question 60

Short Answer

Research to determine if your state requires consideration to validate a release and to see if a covenant not to sue is required.

---

Definitions:

Second Year

Refers to the second year in a multi-year analysis, project, or financial statement reporting period.

Ordinary Repairs

Routine maintenance expenditures necessary to keep an asset in operating condition without significantly enhancing its life or value.

Useful Life

The estimated period that an asset is expected to be useful in the operations of a business.

Operating Condition

Conditions or aspects related to the daily functionality and management of a business's core activities.