A debt that comes into existence as a result of a contractual obligation or credit transaction. It is incurred either by way of rent or sale or purchase or in any other way which leaves it as a debt to another.
« Back to Glossary IndexA debt that comes into existence as a result of a contractual obligation or credit transaction. It is incurred either by way of rent or sale or purchase or in any other way which leaves it as a debt to another.
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