Define Cash Equivalents and List Three Examples Other Than Coin

question 21

Essay

Define cash equivalents and list three examples other than coin, currency, and bank accounts.

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Definitions:

Foreseen Difficulty

An anticipated challenge or problem that can be predicted based on current knowledge or trends.

Preexisting Duty

Preexisting duty refers to an obligation that a party is already legally required to perform, which cannot be used as consideration for a new contract.

Past Consideration

Something given or some act done in the past, which cannot ordinarily be consideration for a later bargain.

Consideration

In contract law, it is something of value exchanged between parties as part of an agreement, serving as the reason or inducement to enter into the contract.