The ________ Assumption States That Transactions and Events Are Expressed

question 108

Short Answer

The ________ assumption states that transactions and events are expressed in money units.

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Definitions:

Court

A governmental institution where legal disputes are resolved by judges or a jury, and laws are interpreted and applied.

Mirror-Image Rule

A principle which holds that the terms of an acceptance must mirror the terms of the offer. If the terms of the acceptance do not mirror the terms of the offer, no contract is formed and the attempted acceptance is a counteroffer.

Acceptance

In contract law, it is the expression of assent to the terms of an offer in such manner as requested or authorized by the offeror.

Terms

Stipulations or conditions specified in a contract or agreement.