Examlex
If demand is inelastic, the absolute value of the price elasticity coefficient is greater than one.
Vicarious Liability
A legal principle wherein one party is held liable for the actions of another party, often used in employer-employee relationships.
Legal Responsibility
The obligation to act in accordance with the law and be accountable for one's actions in a legal context.
Acts of Another
Legal principle referring to the actions of a person that can affect the legal rights or responsibilities of another person.
Twelve-Month Period
A continuous period of twelve months that may be used for measurement or as a condition for certain legal and employment matters.
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