In a Case of the Sale of Property,time Is Not

question 3

True/False

In a case of the sale of property,time is not regarded as of the essence when there has not been any appreciable change in the market value or condition of the property and when the person who delayed does not appear to have done so for the purpose of speculating on a change in market price.

---

Definitions:

Carrying Value

The book value of an asset or liability on a company's balance sheet, calculated as the original cost minus accumulated depreciation or amortization.

Common Stock

Represents a type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings.

Long-Term Notes Payable

A debt obligation with a maturity of more than one year, often used for financing assets or other long-term investments.

Cash Payment

The act of disbursing money to settle a transaction, bill, or debt.