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Jim agreed to pay Jose $1,000 by check, provided he is able to sell his farm. However, he did not mention the number of days it would take for him to sell the farm nor did he provide a contingency date. Which of the following is legally permissible in this scenario?
Credit Sales
Transactions where goods or services are provided with the agreement that payment will be made at a later date.
Recording Process
The systematic method of capturing all financial transactions of a company to ensure accurate financial reporting and analysis.
Chronological Record
Documentation or recording of events in the order of their occurrence over time.
Transaction
A financial event that changes the value or composition of a company's assets, liabilities, or equity.
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