Examlex
The comment that "items that are not material may be recorded in the financial statements in the most economical and expedient manner possible" is representative of:
Common Law
A body of unwritten laws based on legal precedents established by the courts, distinct from statutory law.
Article 2
Often refers to a specific section within a constitution or a part of a legal code dealing with a particular area, such as commercial transactions in the U.S. Uniform Commercial Code.
Genuine Assent
A true and voluntary agreement to enter into a contract, implying that all parties involved fully understand and agree to the terms.
Fraud
A deliberate trickery aimed at obtaining personal benefits or harming another person.
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