The Best Definition of a Precedent Is

question 25

Multiple Choice

The best definition of a precedent is

• A)a law developed from custom.
• B)a judicial proceeding for the determination of a dispute between parties in which rights are enforced or protected.
• C)a proceeding by one person against another in court.
• D)a court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts.

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Definitions:

Purchase Price

The amount of money paid or agreed to be paid by the purchaser to the seller for acquiring goods, assets, or services.

Collateral

Property or assets that a borrower offers to a lender to secure a loan.

Guarantor

is an individual or entity that agrees to be responsible for another's debt or performance under a contract, if the original party fails to meet their obligations.

Principal Debtor

The main individual or entity obligated to repay a debt or loan in the terms of a financial agreement.