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As a general rule,performing a preexisting duty is not consideration.
Accrued Expenses
Expenses that have been incurred but not yet paid or recorded, representing liabilities for a business.
Liabilities
Liabilities represent financial obligations or debts that a company owes to external parties, such as loans and accounts payable.
Fixed Assets
Tangible assets, such as buildings, machinery, and equipment, used in the operations of a business that are not intended for sale.
Insurance Policy
A contract between an insurer and policyholder specifying the terms for the payment of claims to the insured or their beneficiaries in the event of a covered loss.
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