Examlex
A choice-of-law clause is a provision in a contract that excuses a party from liability for nonperformance due to "acts of God."
Corporation
A legal entity recognized by law that is separate from its owners, with the ability to own assets, incur liabilities, and sell shares to investors.
Assets
Resources owned or controlled by a business, expected to produce economic value or benefits in the future.
Depreciation Expense
The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear, obsolescence, or decline in value.
Amortization Expense
The process of allocating the cost of an intangible asset over its useful life for accounting and tax purposes.
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