A Contract Provision That Deprives One Party of the Benefits

question 61

True/False

A contract provision that deprives one party of the benefits of the agreement may seem unfair but a court is not likely to consider it unconscionable.

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Definitions:

Long-Term Debt

Refers to loans and financial obligations lasting over one year.

Intangible Assets

Non-physical assets that have value due to their attributes, such as intellectual property, goodwill, and brand recognition.

Asset Turnover

A financial ratio that measures the efficiency of a company's use of its assets to generate sales revenue.

Property Turnover

A measure of how efficiently a company generates revenue from its assets, often by comparing sales to the average value of property, plant, and equipment.