________ Risk Involves a Chance of Either Profit or Loss

question 1

Multiple Choice

________ risk involves a chance of either profit or loss.

• A) Insurable
• B) Managed
• C) Speculative
• D) Pure

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Definitions:

Material Breach

A significant violation or failure to perform one's obligations under a contract, which justifies the non-breaching party's termination of the contract.

Discharge by Performance

The termination of contractual obligations by fully executing the duties and responsibilities outlined in the contract.

Contractual Duty

A legal obligation in a contract requiring a party to act or not act in a certain way.

Statute of Limitations

A statute that establishes the deadline by which legal cases must be filed after an incident occurs.