A Form of Law Based on Local Customs, Traditions, and Precedents

question 163

Multiple Choice

A form of law based on local customs, traditions, and precedents is _______ law.

• A) moral
• B) theocratic
• C) civil
• D) common

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Definitions:

Appraisal Value

The estimated money value of a property, as determined by a qualified appraiser.

Offer Price

The price at which a seller is willing to sell an asset or service, often seen in the context of stock market orders.

Cost Basis

The original value of an asset for tax purposes, usually the purchase price, which is used to determine capital gain or loss upon sale.

Fixed Asset

Long-term tangible assets held for business use and not expected to be converted to cash in the current or upcoming fiscal year.