Examlex
A surgeon can delegate his or her contractual duty to operate on a certain patient because the rendering of medical services is not personal performance.
Limited Personal Liability
A legal status in which an individual's responsibility for business debts or legal actions is restricted to their investment in the business.
Agency Problems
Conflicts of interest that arise when there's a separation between the management of a company and its owners.
Corporation
A legal entity that is separate from its owners, with the ability to own assets, incur liabilities, and conduct business.
Unlimited Liability
A legal structure in which the owners are personally liable for all the debts and liabilities of the business, without any limit.
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