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Budget
Term | Definition |
---|---|
Net Worth | Assets minus liability |
personal property inventory | a list of the valuable items you own, along with their purchase prices, and approximate current values |
depreciation | a loss of value over time |
tax records | include the tax return, W-2 forms, and other receipts verifying income and expenses listed on each. Need to keep for at least three years |
other documents that you need to keep for three years | insurance, birth certificate, marriage certificate, passport, car titles, list of credit card numbers, etc |
contract | legally enforcement agreement between two or more people |
express contracts | done through mouth or written or email |
implied contract | not written but is created by the actions or conduct of someone. The terms are implied |
Agreement | a contract has legal agreement when valid offer is made and accepted |
assets | liability and equity |
consideration | something of value exchanged for something less of value |
contractual conpacity | refers to the competence (legal ability) of the parties to enter a contract |
legality | a contract must have a lawful purpose; some contracts must have a special form i order to be legally enforeable |
Statute of Frauds | there to prevent harm due to fraudulent conduct |
Fraud | misrepresentation of someone or something |
responsibilities in agreements | -fill in all blank spaces or indicate N/A for items that are not applicable -write clearly -enter dates and amount correctly and clearly -be sure the seller has supplied all relevant information -underdstand all terms contained in the aggreements |
Negotiable instrument | an unconditional written promise to pay a specific sun of money upon demand of the holder |
Promissory note | Written promise to pay a certain sum of money to another person or to the holder of the notes on a specific date |