If the Parties Used a Form Contract, or the Contract

question 40

True/False

If the parties used a form contract, or the contract is partly printed and partly written, the printed terms control the written terms if the two conflict.

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Definitions:

Accounts Payable

Liabilities or amounts owed by a company to its creditors for goods or services that have been delivered but not yet paid for.

Depreciation Expense

The portion of the cost of a fixed asset that is considered consumed during a specific accounting period, used to reflect wear and tear.

Accounts Receivable

Amounts due from customers to an enterprise for delivered but unpaid goods or services.

Fire Insurance

A type of property insurance that covers damage and losses caused by fire.