Limited Liability Can Be Viewed as Both an Advantage and a Disadvantage

question 192

True/False

Limited liability can be viewed as both an advantage and a disadvantage.

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Definitions:

Statute of Frauds

A legal principle that requires certain contracts to be in writing and signed by all parties involved to be enforceable.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise that the other party has reasonably relied on to their detriment.

Restitution

A remedy in law requiring a party to restore the victim to the position they were in before the wrongful act.

Parol Evidence Rule

A legal principle that prevents the introduction of verbal statements that are outside the written contract, intended to clarify or contradict the document's terms.