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Consider the following laws: a law that makes speeding criminal and then looks at people with past speeding tickets and sends them to prison, a law that prevents people from "harming others," and a law that says it is illegal to become an alcoholic. Why do all of these laws fail as matters of constitutional law, and what revisions would need to be made to make them valid?
Contra-Revenue
An account that offsets revenue accounts on the income statement, typically related to returns, allowances, and discounts.
Credit Sale
A transaction where goods or services are provided to a customer with the agreement that payment will be made at a later date.
Terms 3/10
A payment term indicating that a buyer can take a 3% discount on the invoice amount if the payment is made within 10 days of the invoice date.
Credit Terms
The conditions under which a seller will extend credit to a buyer, including the repayment time frame and any interest charged.
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