In Order for a Contract to Be Legal, Mutual Acceptance

question 31

True/False

In order for a contract to be legal, mutual acceptance is achieved when one party is under duress.

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Definitions:

Promissory Note

A fiscal agreement in which one side promises in writing to pay a fixed amount of cash to the other side, either immediately when demanded or on a future agreed date.

Promissory Note

A monetary tool involving a formal commitment from one party to compensate another party with a specific amount of money, either upon request or at an agreed future time.

Simple Interest

Interest reckoned only on the initial capital, disregarding compounded sums.

Yield

The income return on an investment, such as the interest or dividends received, expressed as a percentage of the investment's cost.