Objective Risk Is Defined as

question 38

Multiple Choice

Objective risk is defined as

• A)the probability of loss.
• B)the relative variation of actual loss from expected loss.
• C)uncertainty based on a person's mental condition or state of mind.
• D)the cause of loss.

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Definitions:

Statute of Frauds

An established legal doctrine stipulating some contractual arrangements need to be formalized in writing and authenticated by the signatures of all parties for enforceability.

Third-Party Debts

Debts that involve a creditor and debtor, with a third party also playing a role, either as a guarantor or through some other capacity.

Promissory Estoppel

A legal principle where a promise is enforceable by law, even if made without formal consideration, when a promisor has made a promise to a promisee who then relies on that promise to his or her detriment.

Legal Enforcement

The act of compelling compliance with the law, often through police or judicial action.