Instructions: Please Define the Following Key Terms

question 31

Essay

Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
the law of the maximum

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Definitions:

Good Faith

An honest intention to act without taking an unfair advantage over another party, typically in negotiations or contracts.

Subjective Standard

A legal benchmark that varies based on an individual's personal views, feelings, or experiences rather than objective facts or evidence.

Conditionally Liable

Refers to a legal obligation that becomes enforceable only upon the occurrence of a specified condition.

Stated Amount

The specified value or sum agreed upon in a contract for the provision of goods, services, or coverage.