Examlex
Describe legal capacity and discuss how it applies to minors entering into and cancelling contracts.
Principal
An amount of money that is loaned or invested, excluding any interest or profit earned on it.
Collateral
An asset that a borrower offers to a lender as security for a loan, which can be seized if the loan is not repaid according to the agreement.
Accounts Payable
The amount a company owes to suppliers for goods and services purchased with credit.
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