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Budget

TermDefinition
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
Created by: itskatie_98