Examlex
As the production manager of an engineering firm, you went out and bought a metal-cutting machine. What you have purchased can best be classified as a
Authority
Authority refers to the legal right or power given to an individual or organization to carry out certain actions or enforce rules and decisions.
Contract
A legally binding agreement between two or more parties that outlines obligations each party must fulfill.
Principal
The original sum of money borrowed in a loan, or the amount of money invested excluding earnings or interest.
Gratuitous
Given without receiving any value in return; often refers to acts of kindness or gifts.
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