Examlex
Common judgment traps include:
Asset
Resources owned by an individual or business that have value and can be used to meet debts, commitments, or legacies.
Liability
Legal obligations or debts that a business or individual is responsible for.
Liability
Liability refers to a company's legal financial debts or obligations that arise during the course of business operations.
Asset
An item of value owned by a person or company, regarded as having economic value and available to meet debts, commitments, or legacies.
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