If an Act Is Legal at the Time of Entering

question 11

True/False

If an act is legal at the time of entering a contract but is subsequently made illegal, the contract is discharged. ​

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Definitions:

Current Liabilities

Financial obligations of a company due within one year, including accounts payable, short-term loans, and other short-term debts.

Bonds Payable

Long-term liabilities representing borrowed money that a company is obliged to pay back with interest.

FICA Taxes

Federal Insurance Contributions Act taxes, which are payroll taxes in the United States used to fund Social Security and Medicare programs.

Payroll Deductions

Deductions from gross earnings to determine the amount of a paycheck.