Consequential Damages Arise from Circumstances Outside a Contract

question 22

True/False

Consequential damages arise from circumstances outside a contract.

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Definitions:

Dissociate

is the act of separating or detaching oneself from a relationship, group, or association.

RUPA

The Revised Uniform Partnership Act, which is legislation that provides a legal framework for the operation of partnerships within the United States.

Implied Authority

Authority of an agent that is not explicitly stated but is assumed to be granted in order to perform acts necessary to fulfill the purpose of an agency relationship.

Winding Up

The process of concluding a company’s operations, settling its liabilities, and distributing remaining assets to shareholders.