Examlex
Assuming the direct write-off method is used, when is uncollectible accounts expense recognized?
Substantial Performance
A level of completion where a contract's essential terms have been fulfilled, allowing for the fulfillment of the contract's overall purpose.
Contractual Obligations
Contractual obligations are duties that parties are legally required to perform as outlined in a contract, failure of which may lead to legal consequences.
Anticipatory Breach
A situation in contract law where one party indicates by words or actions that they will not fulfill their contractual obligations before the due time for performance.
Specific Performance
A court-ordered mandate requiring a party to fulfill their obligations under a contract, typically used when monetary damages are insufficient.
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