In Order to Establish That a Collateral Contract Exists,it Is

question 14

True/False

In order to establish that a collateral contract exists,it is necessary to show that the person making the statement intended it to be acted upon and that the person,to whom the statement was made,relied upon the statement.

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Definitions:

Interest Expense

The cost incurred by an entity for borrowed funds, typically paid at a set rate over the life of the borrowing.

Notes Payable

Liabilities represented by written promises to pay a specified sum of money, usually with interest, by a certain date.

Notes Payable

A written agreement where the borrower promises to pay back a specified sum to the lender by a certain date.

Interest Expense

The amount a company has to spend over time for taking out loans.