Explain the Three Methods of Dealing with Fraud Loss

question 43

Essay

Explain the three methods of dealing with fraud loss.

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Definitions:

Binding Contract

An agreement between two or more parties that is legally enforceable in a court of law.

Present Intent

The current intention or determination to engage in a particular action or effect a legal consequence.

Subjective Standard

A legal standard that is based on personal feelings, tastes, or opinions, making it subject to individual judgment rather than objective observation.

Silent Acceptance

An implied agreement to a proposal demonstrated through an individual's actions rather than explicitly expressed consent.