A Set of State or Federal Laws That Describes Conduct

question 36

True/False

A set of state or federal laws that describes conduct that must be followed by those the set of laws was designed to protect is known as a statute.

---

Definitions:

Assignment

The transfer of rights, property, or responsibilities from one party to another.

Trustee

A person or organization that holds and administers property or assets for the benefit of a third party under the terms of a trust agreement.

Creditors

Individuals or entities that are owed money or other assets by another entity, known as the debtor.

Surety

A person or entity that takes responsibility for another's performance of an obligation, such as repaying a loan or fulfilling a contract.