Examlex
Contracts under Article 2 of the UCC could include:
Long-term Debt
A financial obligation that extends beyond one year, used by businesses to finance their operations or acquire assets.
Contingent Liabilities
Potential liabilities that may occur depending on the outcome of a future event.
Remote Possibility
A very low probability event; in Accounting, refers to uncertain events that are considered unlikely to happen and may not be recorded.
Current Liabilities
Obligations or debts a company must pay within a year, including accounts payable, short-term loans, and accrued expenses.
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