Examlex
Briefly explain why the auditor's inventory tests counts are conducted in two directions.
Fair Market Value
An estimate of the market value of a property, based upon what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market.
Unilateral Contract
A type of contract in which only one party makes a promise or undertakes a performance in exchange for an act, rather than a promise, from the other party.
Consideration
A legal term referring to something of value exchanged between parties as part of a contract.
Promise
An assertion or commitment to perform a certain action or to ensure an event takes place.
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