Examlex
New Oaks Winery requires two months to make wine, two years to age it, one month to bottle it, two months to sell it, and one month to collect the receivable. Its operating cycle is:
Consideration
Something of value exchanged between parties in a contract that induces them to enter into the agreement.
Simple Contract
An agreement made between parties that does not necessarily have to be in writing but is binding and enforceable by law.
Bailment
The transfer of personal property by its owner to another person with the understanding that the property will be returned to the owner in the future.
Right to Possess
The legal right of an individual or entity to have control over a property or item.
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