In a _____ the Assets of a Firm Are Sold

question 48

Multiple Choice

In a _____ the assets of a firm are sold to another business,with the proceeds used to pay off the firm's remaining debts,and perhaps leaving the owner some small profit.

• A) workout
• B) sell off
• C) pass off
• D) succession

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Definitions:

Vicarious Liability

A legal principle that holds a party responsible for the actions of another, based on the relationship between the two parties.

Assigned Liability

The process or outcome of legally transferring responsibility for a debt or obligation from one party to another.

Fault

A legal term referring to responsibility for a mistake or wrongdoing that results in harm or damage.

Power of Attorney

A legal document authorizing one person to act on another's behalf in legal or financial matters.