There Is Prescribed Formal Language That Must Be Used to Create

question 63

True/False

There is prescribed formal language that must be used to create an express condition as part of a contract.

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Definitions:

Void

A term applied to a contract that is not valid because its object is illegal or it has some defect that is so serious that it is not a contract.

CIF

Cost, Insurance, and Freight, a term used in international trade that indicates the seller is responsible for covering these expenses until the goods reach the purchaser's specified port of destination.

Cost

The value, usually in monetary terms, required to produce, acquire, or maintain a good or service.

Insurance

A contract (policy) in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.