Examlex
On the statement of activities for a private,not-for-profit literary society,expenses decrease which of the following classes of net assets?
I.temporarily restricted net assets
II.unrestricted net assets
Contract Repudiation
The refusal to perform duties or obligations under a contract, which can lead to legal actions for breach of contract.
Breach
A violation or infraction of a law, duty, or agreement.
Condition Subsequent
A condition in a contract that, when fulfilled, terminates the contract or an obligation within the contract.
Obligation Performance
The duty or requirement to fulfill the terms of a contract or agreement.
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