An Obligation That Involves an Existing Condition for Which the Outcome

question 147

Short Answer

An obligation that involves an existing condition for which the outcome is not known with certainty and depends on some event that will occur in the future is call a(n)__________.

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Definitions:

Primary Liability

The direct and immediate responsibility to fulfill an obligation or repay a debt, without necessarily having recourse against others for reimbursement.

Secondary Liability

Secondary Liability refers to the legal responsibility of a third-party for the actions of another, such as a parent company being liable for the actions of its subsidiary.

Party Authority

The legal power or capacity of a party to enter into a binding contract or agreement.

Act On Behalf

The action of representing or making decisions for someone else or another entity.