A Bank Loan Is Not a Form of Private Debt

question 54

True/False

A bank loan is not a form of private debt.

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Definitions:

Liable

Legally responsible or obligated to someone else under the law.

Direct Liability

Liability that is attributed to an individual or entity due to their own actions or negligence, not through the actions or negligence of others.

Respondeat Superior

A legal doctrine that holds employers or principals responsible for the actions of their employees or agents, conducted within the scope of their employment or agency.

Liability

The state of being responsible for something, especially in terms of legal or financial obligations.