An Asset That Cannot Be Sold Quickly for Cash Without

question 138

Multiple Choice

An asset that cannot be sold quickly for cash without much loss of value is considered to be:

• A) illiquid.
• B) liquid.
• C) durable.
• D) fixed.

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Definitions:

Procedural Rules

Guidelines that govern the process and methods used in legal and administrative proceedings.

Substantive Law

The part of law that deals with the rights and duties of people and the punishments for those who violate these laws.

Requests for Admissions

A pre-trial procedure in civil litigation where one party requests the other to admit the truth of certain facts, thereby narrowing the scope of the dispute.

Interrogatories

A set of formal written questions issued by one party in a lawsuit to another party, which must be answered under oath.