An Otherwise Vague Contract May Be Clarified by References in the Contract

question 43

True/False

An otherwise vague contract may be clarified by references in the contract to other documents or agreements.

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Definitions:

Fixed Assets

Long-term tangible assets used in the operations of a business, not expected to be converted to cash in the short term.

Accounting Period

A specific duration of time for which financial statements are prepared, often a fiscal quarter or year, used to measure financial performance.

Short-Term Lease

A lease agreement with a duration, typically less than a year, used for temporary asset usage.

Fixed Asset

A long-term tangible piece of property that a firm owns and uses in its operations to generate income.