Explain the Two Factors That Help to Explain the Decline

question 119

Essay

Explain the two factors that help to explain the decline in union membership.

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Definitions:

Secondarily Liable

Refers to the responsibility that falls on a party only after the primarily liable party has failed to fulfill their obligations.

Accommodation Maker

An individual who signs a loan document as a guarantor without receiving any of the loan proceeds, promising to pay the debt if the principal borrower fails to do so.

Primarily Liable

Being directly and foremost responsible for a legal obligation or debt.

Promissory Note

A financial instrument that contains a written promise by one party to pay another a definite sum of money, either on demand or at a specified future date.