Examlex
What type of account is Allowance for Doubtful Accounts?
Warranty of Title
A guarantee provided by a seller that they have the right to sell the property and that there are no undisclosed encumbrances or liens against it.
Police Auction
An event where items that have been confiscated, abandoned, or recovered by law enforcement agencies are sold to the highest bidder.
Abandoned Property
Property that has been discarded by the owner without the intent to reclaim ownership of it. Courts require clear and convincing evidence of both the desertion by the owner and the owner’s intent never to return.
Fair Market Value
The price that a property would sell for on the open market, considering all conditions of the sale without any undue pressures on buyer or seller.
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