Examlex
The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:
What is the book value of the equipment at December 31, 2011?
Intention
An element of a valid contract; the parties must objectively intend for an agreement to be legally binding.
Reasonable Person
A hypothetical individual in the legal system who exercises average care, skill, and judgment in conduct and is used as a comparative standard for negligence.
Valid Contract
An agreement that is legally binding on both parties.
Domestic Relationships
Relationships defined by family ties or living arrangements, including marriage, partnership, and familial connections.
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