In a Taxable Asset Acquisition, the Purchaser Does Not Acquire

question 98

True/False

In a taxable asset acquisition, the purchaser does not acquire unknown and contingent liabilities.

---

Definitions:

Quantum Meruit

A legal principle meaning "as much as he has deserved," allowing a person to recover reasonable compensation for services or goods provided when no contract exists, or where a contract exists but precise amounts are not specified.

Relied Promise

This term does not correspond to standard legal or contractual terminology and may not be a real key term. NO.

Quantum Meruit

A Latin phrase meaning “what one has earned,” used in law to determine the amount to be paid for services rendered when no contract exists or when a contract is unenforceable.

Common Law

A legal system based on custom and court rulings rather than written laws.