Credibility and Reputation Are the Most Valuable Assets That the Family

question 116

True/False

Credibility and reputation are the most valuable assets that the family business can hold.

---

Definitions:

Secondarily Liable

Liable for paying the amount designated on an instrument should the primarily liable party default.

Primarily Liable

The state of being the first or main party responsible for fulfilling a liability or obligation.

Dishonor

In financial contexts, it refers to the refusal or inability to pay a bill of exchange, promissory note, or other negotiable instrument when due.

Warranty Liability

Liability that is attributed when the transfer of an instrument breaches a warranty associated with an instrument.