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Personal Liability
The legal responsibility of an individual to personally satisfy debts or obligations, as opposed to the liability being limited to the assets of a business or corporation.
Authorized Agent
An individual or entity that is legally empowered to act on behalf of another person or organization, making decisions and entering into agreements.
Accommodation Party
An entity or person who signs a negotiable instrument on behalf of another, guaranteeing payment without receiving any direct benefit.
Education Loan Contract
A legal agreement between a lender and a borrower, where the lender provides funds for education, which the borrower agrees to repay under defined terms.
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