chapter 11 Flashcards by Verlin Miller

Q

Implied contract

A

Not stated in contract but implied

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Q

Creation of a contract

A

Offer, acceptance and communications

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Q

Statute of limitations

A

Time limit for legal action

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Q

Legal rights transferred to another person

A

Assignment

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Q

Sliding Scale Commission (MATH # 3)

A

How much is the associates commission

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Q

Option contract

A

The right to buy with specific time & price

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