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After an allowance has been authorized and approved,the credit department issues a credit memo to document the reduction in the customer's account.
Life Estate
A legal right to use and derive benefit from property for the duration of one's life, after which control reverts to another party.
Fee Simple
A type of freehold ownership where the owner has the greatest possible rights over the land forever.
Prescriptive Right
A right acquired through long-term use, such as the right to cross someone else's land, established by consistent and uninterrupted use over a period prescribed by law.
Covenant
A formal, binding agreement or promise, often found in contracts and legal documents.
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