The Equipment a Firm Owns and the Money It Has

question 109

True/False

The equipment a firm owns and the money it has in its bank account are considered assets.

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Definitions:

Promissory Estoppel

A legal doctrine that prevents a party from withdrawing a promise made to another party if the latter has relied upon that promise to their detriment.

Oral Contracts

Agreements between parties that are spoken rather than written but are still legally binding.

Real Estate Mortgage

A legal agreement where real property is used as collateral for a loan.

Statute of Frauds

A legal principle requiring certain types of contracts to be executed in writing to be enforceable.