The Legal Term Used in a Case Where a Contract

question 4

Multiple Choice

The legal term used in a case where a contract has largely been completed, and only small details remain unfinished, is:

• A) substantially performed.
• B) mostly performed.
• C) performed by tender.
• D) performed by mutual agreement.

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Definitions:

Net 60

A payment term indicating that payment is due 60 days after the invoice date.

Effective Annual Rate

The interest rate on a loan or financial product restated on an annual basis, taking compounding into account.

Credit Terms

The conditions under which credit will be extended to a borrower, including repayment periods and interest rates.

Net 45

A payment term indicating that payment is due 45 days from the invoice date.