A Collateral Promise Is a Secondary or Conditional Promise

question 48

True/False

A collateral promise is a secondary or conditional promise.

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Definitions:

Joint Ventures

Business arrangements where two or more parties agree to pool their resources for the purpose of accomplishing a specific task, project, or business activity.

Dissociated Partnership

The process or status of a partner leaving a partnership, which may alter the partnership's legal and operational status.

Implied Authority

Authority of an agent that is not explicitly stated but rather inferred from the conduct or relationship between the parties.

Dissociation

Dissociation is a legal term that describes the process by which a member of an entity (like a partnership or company) ceases their association with that entity.