Explain the Terms Basic Research and Applied Research

question 30

Essay

Explain the terms basic research and applied research.

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Definitions:

Third-Party Debts

Debts that involve a creditor and debtor, with a third party also playing a role, either as a guarantor or through some other capacity.

Promissory Estoppel

A legal principle where a promise is enforceable by law, even if made without formal consideration, when a promisor has made a promise to a promisee who then relies on that promise to his or her detriment.

Legal Enforcement

The act of compelling compliance with the law, often through police or judicial action.

Statute of Frauds

A legal principle requiring certain contracts to be in writing and signed by the parties involved to be enforceable.