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If Significant Costs Are Required to Convert a Particular Type

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If significant costs are required to convert a particular type of asset to money, it is usually referred to as


Definitions:

Privity of Contract

A principle in contract law which holds that only parties to a contract have the right to enforce or challenge it.

Enforce the Contract

The legal process of ensuring that the terms of a contract are carried out as agreed by the parties involved.

Pay

The compensation received by an employee for services rendered to an employer, typically provided in the form of monetary remuneration.

Contract

A legal agreement between two or more parties that outlines responsibilities, duties, and benefits, enforceable by law.

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