Examlex
Trent decides to spend an hour playing basketball rather than studying. What is his opportunity cost?
Default
The failure to fulfill a legal obligation, such as not making a payment on a loan.
Third Party
An entity or individual that is not directly involved in a legal agreement or transaction but may be affected by it or play a role in its execution.
Sole Proprietor
An individual who owns and operates a business alone, bearing sole responsibility for its debts and obligations.
Express Approval
Explicit consent or agreement to a proposal or condition, often formally stated or documented.
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