One which is entirely gratuitous, and which dispenses its benefits without any charge or pecuniary return whatever. See In re Keech’s Estate (Surr.) 7 N. Y. Supp. 331; In re Lenox’s Estate (Surr.) 9 N. CHARRE OF LEAD 193 CHARTER-PARTY Y. Supp. 895; Kentucky Female Orphan School v. Louisville, 100 Ky. 470, 36 S. W. 921, 40 L. R. A. 119.
A trust situation that involves three parties. The parties are the creator of the trust, the trustee, and the beneficiary. This is a contractual trust and is different to a statutory trust and is a legal document.
This is the comparison of the cost of an item from the previuos year compared to this current year. This method is used in cost accounting practices.
Some one who purchases a product without knowing that another person has already made claim to it. The first purchaser is unaware that another person has an option to buy the product.
an accident that has been caused by an event that was unavoidable.
A ledger into which all purchases are entered. All inventory is recorded in to this ledger. It is used for periodic inventories and enables a company to keep a record of all purchases.
This is an annuity that makes periodic payments to the annuant and will only stop with the annuants death. The premiums are deemed to be fully earnt and paid. These are deemed paid as a discount towarsd the annunats possible death.
This is a discount that is applied to a product at the point of purchase. The discount is advertised and is applied is to the item at the time of purchase. No other product is needed to be purchased to receive the discount.
A strategy that uses external borrowed funds instead of internal funds. Refer to quasi arbitrage.
Known as a purchase day account. This is a second ledger into which all daily transactions are entered. They will subsequently be put into a main ledger that will show all purchases for the company.