Examlex
For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported.
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Termination
The act of ending or concluding something, such as a contract, employment, or agreement.
Misrepresentation
Deliberately providing false information to another party, leading them to make decisions they otherwise wouldn't have.
Reliance
In legal terms, it refers to the act of trusting or acting based on the promises or statements of another party, often relevant in contract law.
Marshaling of Assets
A legal principle requiring the fair and orderly distribution of a debtor's assets among creditors, especially when the debtor has multiple debts secured by the same assets.
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