Examlex
The journal entry used to record the interest payment on December 31, 2014 would be:
Rectification
The legal process of correcting a mistake in a document to reflect the true intentions of the parties involved.
Breach of Contract
The violation of a contractual obligation by failing to perform one's own promise, by impeding another party's performance, or by otherwise making performance impossible.
Adhesive
Pertains to contracts or clauses that are one-sided or unfairly advantageous to one party, typically presented on a "take it or leave it" basis.
Art Gallery
A space or building where artworks are displayed and sometimes sold to the public.
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