All Business Transactions Involve an Increase in at Least One

question 132

True/False

All business transactions involve an increase in at least one account and a decrease in at least one other account.

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Definitions:

Intended Beneficiary

An individual or group for whom a contract is specifically made to benefit, granting them certain rights or benefits.

Creditor Beneficiary

A creditor beneficiary is a third party that benefits from a contract in which one party (the promisor) agrees to pay a debt owed to the beneficiary by the other party (promisee).

Incidental Beneficiary

A third party who might benefit from a contract between two other parties but does not have legal rights to enforce the contract terms.

Assignment

The transfer of rights, duties, or property from one party to another, often used in the context of contracts or real estate.