A Final Judgment or Decree Rendered on the Merits, Without

question 15

Multiple Choice

A final judgment or decree rendered on the merits, without fraud or collusion, by a court of competent jurisdiction, is conclusive of rights, questions, and facts in issue as to the parties and their privies and is a complete bar to any subsequent action on the same cause of action between the parties, or those in privity with them.This statement explains

• A) res judicata.
• B) the full faith and credit clause.
• C) dictum.
• D) stare decisis.

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Definitions:

Retirement

The period of one's life after leaving one's job and ceasing to work, typically due to age or health reasons, often supported by savings or pension.

Income

The financial return or compensation received by an individual or household from various sources like labour, investments, or business ventures.

Budget Constraints

A financial restriction that limits the amount of money that can be spent on different categories of goods and services.

Optimum

The most favorable condition or level for growth, reproduction, or success.