A Credit May Signify A(n)

question 105

Multiple Choice

A credit may signify a(n) :

• A) increase in assets.
• B) decrease in liabilities.
• C) increase in revenue.
• D) increase in withdrawals.

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Definitions:

Implied-In-Law

A term or condition not expressly stated but assumed to exist due to the nature of the transaction or the parties’ relationship, as recognized by law.

Restatement of the Law

A set of treatises on legal subjects that seek to inform judges and lawyers about general principles of common law.

American Law Institute

An organization that produces scholarly work to clarify, modernize, and otherwise improve the law, including issuing Restatements of the Law.

Binding Contract

An agreement between two or more parties that is legally enforceable in a court of law.