It might seem strange that lenders use gross income instead of net income when determining whether borrowers can afford a mortgage loan. After all, net income is the actual amount of money you bring home each month. But lenders use gross income when qualifying individuals because this is a figure that most consumers readily know. If you make a salary of $72,000 a year, you quickly know that your gross monthly income is $6,000. You might not be able to quickly figure your net income, unless you have your paycheck stub in front of you. Your gross income is also stable, while your net income could change from month to month.
Consent may only be given by individuals who have reached the legal age of consent (in the U.S. this is typically 18 years old). Assent is the agreement of someone not able to give legal consent to participate in the activity. Work with children or adults not capable of giving consent requires the consent of the parent or legal guardian and the assent of the subject.
In order for a contract to be formed, the parties must reach mutual assent (also called a meeting of the minds). This is typically reached through offer and an acceptance which does not vary the offer's terms, which is known as the mirror image rule.