Members of Congress Have Fixed Terms, Meaning the Length of a Term

question 61

True/False

Members of Congress have fixed terms, meaning the length of a term in office is specified, NOT indefinite.

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Definitions:

Partnership Termination

The dissolution or ending of a partnership agreement, which involves the winding up of its business activities.

Liquidation

The process of converting assets into cash or cash equivalents by selling them on the open market.

Winding Up

The process of collecting and distributing the firm’s assets after a partnership or corporation has been dissolved.

Fiduciary Relationship

A relationship involving a high degree of trust and confidence.