If Either Event a or Event B Must Occur, Then

question 42

Multiple Choice

If either event A or event B must occur, then events A and B are said to be

• A) mutually exclusive.
• B) statistically independent.
• C) collectively exhaustive.
• D) None of the above.

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Definitions:

Primarily Liable

Being directly responsible for a debt or obligation, without secondary parties to share the liability.

Secondarily Liable

Someone who is secondarily liable holds responsibility to fulfill an obligation if the primary party fails to do so, commonly seen in guarantor or co-signer financial arrangements.

Payable

Refers to money that is owed by a person or company and must be paid to another party.

Obligation

A legal or moral duty to do or not do something, often with legal implications if not fulfilled.