CFR > Title 41 > Subtitle C > Chapter 102 > Subchapter B > Part 102-34 > Subpart E – Replacement of Motor Vehicles
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Terms Used In CFR > Title 41 > Subtitle C > Chapter 102 > Subchapter B > Part 102-34 > Subpart E - Replacement of Motor Vehicles
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.