The Basic System of Recording Transactions Has Withstood the Test

question 37

True/False

The basic system of recording transactions has withstood the test of time, and has been in use for more than 500 years.

---

Definitions:

Legal Determination

The official decision or conclusion reached by a judge, agency, or regulatory body on matters of law.

Unilateral Contract

A contract where only one party makes a promise to perform an action in exchange for a performance by the other party.

Bilateral Contract

A contractual agreement in which both parties exchange mutual promises to perform certain things.

Proportional Recovery

The concept of obtaining a share of recovery or compensation that is directly proportional to one's loss or investment.