The Principle of ________________Is the Obligation to Be Faithful to Commitments

question 10

Short Answer

The principle of ________________is the obligation to be faithful to commitments made to self and others.

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Definitions:

Directors Liability

Refers to the legal responsibility of corporate directors for their actions and decisions, affecting both the corporation and its stakeholders.

Officers

Individuals appointed to manage the day-to-day operations of a corporation, typically holding positions like CEO, CFO, or COO.

Cause of Action

A legal basis or claim allowing one party to seek a remedy or damages from another party.

Stockholders

Individuals or entities that own one or more shares of stock in a corporation, giving them a proportionate share of the ownership.