Examlex
Consider the term fiduciary accounting income as it is used with respect to the Federal income taxation of trusts and estates. How is this amount computed? Where is it used in computing the parties' taxable incomes?
Consideration
Something of value that is exchanged between parties within a contract, giving it legal validity.
Offer And Acceptance
Fundamental concepts in contract law which determine when an agreement exists between two parties. An offer is a proposal while acceptance is the agreement to that proposal.
Negotiability
The quality of a financial instrument that allows it to be transferred or assigned from one party to another with ease.
Unconditional Promise
A commitment to act or refrain from acting in a certain manner that does not rely on any conditions or occurrences for its fulfillment.
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