A Suit Involving a Dispute for $1 Million Over a Contract

question 189

True/False

A suit involving a dispute for $1 million over a contract signed in California, for business to be done in California, under California law, with parties from two different states could only be tried in California courts.

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Definitions:

Controlling Account

A general ledger account that summarizes and controls the totals from various subsidiary accounts.

Subsidiary Ledger

A grouping of individual accounts that provide details to support a general ledger account.

Discount Period

The timeframe within which a buyer can pay less than the full invoice amount if payment is made early, typically to encourage prompt payment.

Credit Period

The duration of time that a buyer is given by a seller to pay for goods or services received.