A(n) __________ Is an Agreement of Two or More to Engage

question 50

Short Answer

A(n) __________ is an agreement of two or more to engage in a business or enterprise where one or more partners have limits on how much loss they are responsible for,with the balance going to the other partners.

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Definitions:

Material Fact

A fact that is significant or essential to the issue or matter at hand, often affecting the outcome of a legal case.

Fraudulent Misrepresentation

The tort that occurs when a misrepresentation is made with the intent to facilitate personal gain and with the knowledge that it is false.

Justifiable Reliance

The principle that a party has acted upon another's representation with a reasonable belief that it was true, often relevant in cases of fraud or misrepresentation.

Nondisclosure

A failure to provide pertinent information about a projected contract.