Commercial Impracticability Means Some Event Has Occurred That Neither Party Anticipated

question 2

True/False

Commercial impracticability means some event has occurred that neither party anticipated and fulfilling the contract would now be extraordinarily difficult and unfair to one party.

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Definitions:

Maker

The party in a promissory note who is making the promise to pay.

Petty Cash

A petty cash reserve intended for settling small expenses that don't justify the use of a check.

Cash Over and Short

An account used to report a discrepancy between the physical cash counted and the expected amount in a company's records, representing either an excess or shortage.

Journal Entry

The record of a financial transaction in an accounting system whereby debits and credits are made to various accounts to maintain balance.