Examlex
While Congress has enacted several different depreciation methods, all currently owned assets are depreciated using the method in effect when the asset was placed in service.
Breach of Contract
The failure to perform as specified by the terms of a contract without a legitimate legal excuse.
Tong
An organization or society, often referring to Chinese secret societies or fraternal organizations, some of which were involved in criminal activities.
Privity of Contract
A legal concept indicating that contracts are binding only upon the parties signing the contract, excluding any third parties.
Insurance Contract
A legally binding agreement between an insurer and the insured, outlining the terms for premium payment and the conditions under which the insurer will compensate the insured.
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