Examlex
Which of the following observations concerning a phase-out strategy is incorrect?
Enforceable
Refers to a legal agreement that can be upheld or compelled in a court of law.
UCC's Statute
A legal guideline adopted to harmonize the law of sales and other commercial transactions across the United States.
Price Term
A condition in a contract specifying the amount to be paid for the goods or services.
Collateral Promise
A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship, such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be in writing to be enforceable.
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