The Terms of a Contract Must Be Sufficiently Definite for a Court

question 12

True/False

The terms of a contract must be sufficiently definite for a court to determine the amount of damages to award.

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Definitions:

Withdrawals

The act of taking out cash or other assets from a business by the owner for personal use.

Investments

Financial assets purchased with the expectation they will generate income or appreciate in the future.

Balance Sheet

The balance sheet is a financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.

Telephone Expense

This represents the cost associated with telephone usage and services for a business, classified as an office expense.