Deposits in Transit Result Because of a Timing Difference Between

question 43

True/False

Deposits in transit result because of a timing difference between the bank records and checkbook records.

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Definitions:

Condition Subsequent

A condition that operates to relieve or discharge one from his obligation under a contract.

Building Code

Regulations that specify the standards for constructed objects such as buildings and nonbuilding structures, ensuring safety, health, and welfare of the occupants.

Excused from Performance

A legal concept where a party is released from fulfilling their obligations under a contract due to unforeseen circumstances that make performance impossible or impracticable.

Mitigate Damages

The requirement for an injured party to take reasonable action to minimize the amount of damages caused by a breach of contract or tort.