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If the Fair Value Option Is Not Elected,the Company Must

question 103

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If the fair value option is not elected,the company must still disclose the fair value of its all of its notes receivable.

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Definitions:

Proximate Cause

The primary event or act that leads to a legal liability, directly resulting in the occurring damage or injury.

Strict Liability

A legal principle where a party can be held responsible for damages or harm caused without needing to prove negligence or intent.

Privity of Contract

A legal concept indicating that contracts confer rights and impose obligations only on the parties signing the contract.

Defendant's Liability

The legal responsibility of the defendant in a legal proceeding to compensate for harm caused.

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