A Contract Provision Requiring That Suit Be Brought Within One

question 23

True/False

A contract provision requiring that suit be brought within one (1)year does not violate public policy,although the statute of limitations would allow two (2)years in the absence of such a contract limitation.

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Definitions:

Advertising Costs

Expenses related to the promotion of products or services.

Goodwill

Goodwill is an intangible asset representing the value of a company's brand, customer relationships, employee relations, and other factors not accounted for separately on the balance sheet.

Normal Rate of Return

The typical amount of profit that an investment is expected to generate, considered as a benchmark or standard for comparison.