Examlex
In the context of conflicting interests,the goal of an organization's corporate management is to____________ .
Severally Liable
When individuals or entities are individually responsible for their own proportion of liability in a debt or claim, instead of being collectively responsible.
Principal Relationship
A legal relationship between two parties in which one, the agent, is authorized to act on behalf of the other, the principal, in business transactions.
Unsecured Credit
A form of credit that is not backed by collateral, making it riskier for lenders since repayment relies solely on the borrower's creditworthiness and promise to pay.
Secondarily Liable
Refers to the condition where an individual or entity is not the primary debtor but still holds responsibility to fulfill an obligation if the primary party fails to do so.
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