What Are Fraudulent Credit Approvals for Accounts Receivables and How

question 24

Essay

What are fraudulent credit approvals for accounts receivables and how can they be prevented?

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Definitions:

Implied Trust

A trust not created by explicit words but inferred by law to avoid injustice or to reflect the presumed intention of the parties involved.

Unjust Enrichment

A legal principle where one party is unjustly benefited at the expense of another, often requiring restitution to the party disadvantaged.

Express Trust

A trust explicitly created by a trustor, typically in written form, specifying the beneficiary and terms of the trust.

Estate Plan

A comprehensive approach to managing an individual's assets and financial affairs during their lifetime and distributing assets upon their death.