Boilerplate

question 12

Multiple Choice

Boilerplate

• A) refers to parts of a Contract that appear to be the same in similar contracts
• B) is a mechanical requirement for most contracts
• C) is not as important as other parts of the contract
• D) is seldom required but has accumulated over years of use

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Definitions:

Simple Interest

Interest assessed only on the base amount, or on whatever portion of the base amount has not been settled.

Interest

Payment made for the use of borrowed money, calculated as a percentage of the principal sum.

Simple Interest

Interest calculated only on the initial amount of money (principal), not on the interest accrued over time.

Investment

Allocation of resources, such as time, money, or effort, in hope of generating a future benefit or return.