INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 154

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-Payments made on your loan obligations should [increase | decrease] your net worth.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Liable

Having legal responsibility or obligation, typically requiring payment for damages or to remedy a breach of contract.

Agency by Estoppel

A legal doctrine where a person is prevented by their own actions from denying they are an agent for someone else, leading others to rely on that representation.

Liable

Being legally responsible for something, especially in terms of owing money or being subject to legal action for wrongdoing.

Associate

A person typically involved in a professional firm or organization with a certain level of membership or status, but not a full partner.