A Memorandum of Understanding Is

question 15

Multiple Choice

A memorandum of understanding is

• A) both prepared by the mediator at the end of mediation and acts as the basis of a separation and property settlement agreement
• B) prepared by the mediator at the end of mediation only
• C) the basis of a separation and property settlement agreement only
• D) a letter to a client

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Definitions:

Accrued Interest

The interest on a loan or bond that has accumulated since the principal investment, or since the last interest payment, if there has been one.

Daily Balance

A method of calculating interest where the amount owed or due is recalculated each day, based on the balance of the account at the end of each day.

Borrowed

Refers to money or goods taken on loan with the obligation to return it or pay it back, usually with interest, within a specified period.

Amount Owed

The total sum of money that is due or required to be paid to another party.