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:

U.S. Economy

The economic system of the United States, characterized by a mixed economy that supports free market activities with some governmental intervention.

Law Partnership

A business entity formed by lawyers who engage in the practice of law together.

Potted Plant

A plant that is grown or displayed in a pot or other container, rather than planted in the ground.

Liability

Anything that is owed to other people or institutions.