Examlex
____ 19.A person satisfies material participation requirements only through current activity.
Guarantee
A formal promise or assurance, typically in writing, that certain conditions will be fulfilled or that a product will meet a specified level of quality.
Indemnity
A contractual obligation of one party to compensate the loss incurred by another party.
Contract Law
The body of law that regulates legally binding agreements between parties.
Income-Splitting
A tax strategy used by families or partnerships to divide income amongst members to lower the overall tax liability by utilizing lower tax brackets.
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