Examlex
Which of the following occurs when a single auto policy covers two vehicles, and the court interprets this situation to yield a limit of liability equal to double the amount shown in the policy declarations?
Honest Error
A mistake made without malicious intent or knowledge of its falsehood, often considered in legal and ethical considerations.
Underestimating Cost
The act of calculating or predicting a cost to be lower than it eventually turns out to be.
Personally Liable
The legal responsibility of an individual to fulfill a debt or obligation from their own assets.
Partnership Debt
Financial obligations for which all partners in a partnership are jointly and severally liable.
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