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Write a cause-and-effect journal entry.
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Privity of Contract
A legal doctrine stating that only parties involved in a contract are entitled to enforce it or be sued under it.
Royal Bank
Typically refers to a bank that has been granted a royal charter, recognizing it as a privileged financial institution.
Equitable Assignment
An equitable assignment is the assignment or transfer of rights or interests in a property or contract to another party, recognized by equity and not necessarily by law.
Privity of Contract
A principle stating that only the parties involved in the contract have the rights and obligations under that contract.
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