The Implications of Vicarious Liability Are That the Party Charged

question 38

Short Answer

The implications of vicarious liability are that the party charged is responsible for the actions of his or her _____.

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Definitions:

Discounting

The process of determining the present value of future cash flows by applying a discount rate.

Compounding

The process in which the value of an investment increases because the earnings on an investment, both capital, and interest, earn interest as time passes.

Simple Interest

Interest calculated only on the principal amount of a loan or deposit, without compounding.

Note Payable

A formal written agreement to pay a specified amount of money, including interest, by a certain date, recorded as a liability on the balance sheet.