STATUTORY LAW Definition

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STATUTORY LAW is law enacted by the legislative branch of government, as distinguished from case law or common law.

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SOFT ASSETS are human resources (people, skills and knowledge) and intangible assets (information, brands, and reputation). Soft assets are hard to value and are not usually reflected in the books of account, nor are they typically subjected to periodic inventory. See also HARD ASSETS.

DRAFT, in import / export, is a contract between buyer and seller that the buyer will pay a certain amount of money, within a specified period of time, for the goods purchased.

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