A Contract Between Gamma Software Company and Omega Designs, Inc

question 10

Multiple Choice

A contract between Gamma Software Company and Omega Designs, Inc., ends with the initials "L.S." These initials

• A) emphasize that the parties must sign with "legal signatures."
• B) remind the parties that they must have "legal status" to contract.
• C) stand for "locus sigilli" and substitute for a seal.
• D) underscore that the parties' deal must have "lawful significance."

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Definitions:

Earned Income Credit

A tax credit that can be refunded to individuals and families with low to moderate income who are working, especially those who have children.

Refundable

Pertaining to certain tax credits or payments that can be refunded to the taxpayer if they exceed the amount of taxes owed.

Advance Payments

Payments made before they are due or before goods or services are received.

Maximum Amount

The highest limit specified for an action, transaction, or financial account, beyond which one cannot go.