Actual Cash Value Is Generally Defined as The

question 165

Multiple Choice

Actual cash value is generally defined as the:

• A) replacement cost.
• B) original purchase price.
• C) market value.
• D) purchase cost minus depreciation.
• E) replacement cost minus depreciation.

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Definitions:

Ratify

To formally approve or confirm an agreement or action, making it officially valid.

Disaffirms

To legally reject or void a contract or agreement, especially one entered into by minors or under conditions that invalidate consent.

Disaffirmance

The legal right of a minor to void contracts or agreements entered into, under specific conditions.

Contractual Capacity

The legal ability of a person or entity to enter into a contract.