Debts and Obligations of a Business Are Referred to as

question 158

Multiple Choice

Debts and obligations of a business are referred to as

• A)assets.
• B)equities.
• C)liabilities.
• D)expenses.

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Definitions:

Misrepresentation

Misrepresentation is the providing of false or misleading information that induces another party to enter into a contract, potentially leading to legal consequences.

Duress

Duress refers to a situation where a person performs an act as a result of violence, threat, or other pressures against them, which can invalidate any agreement made under such conditions.

Non Est Factum

A legal defense claiming a signed agreement is invalid because the signer was unaware of its true nature due to a mistake or misrepresentation.

Assignee

A person to whom rights or property is legally transferred.