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a.Distinguish between an assignment, a delegation, and a third-party beneficiary contract as to the time rights of the third party arise.
b.Identify and define the following terms: assignor and assignee; delegator and delegatee; intended beneficiary, incidental beneficiary, creditor beneficiary.
Purchases
Transactions involving the acquisition of goods or services in exchange for payment, for the purpose of operating a business.
Mortgage Payable
A liability that represents the amount of money owed on a mortgage loan, which the borrower must repay to the lender over time.
Credit Balance
A situation where the total credits in an account exceed the total debits; often indicates amounts owed by a business.
Debit Balance
A financial statement condition where debits exceed the amount of credits in an account.
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