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:

Agency Coupled

A legal relationship where an agent has an irrevocable right to represent the principal due to an interest the agent has in the subject of the agency.

Filing for Bankruptcy

A legal process through which individuals or entities declare their inability to pay their debts, seeking relief from some or all of their financial obligations.

Two-party Relationship

A legal or commercial association involving two parties, often characterized by a contractual agreement or other formal arrangement.

Express Authority

Actual authority that the principal has manifested to the agent in very specific or detailed language.