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How Do Unlimited and Limited Liability Differ

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How do unlimited and limited liability differ?


Definitions:

Breach Contract

A failure to perform any term of a contract, written or oral, without a legitimate legal excuse, which allows the other party to seek compensation.

Reasonable Care

A legal standard requiring individuals to act with the caution and attentiveness that a prudent person would under similar circumstances.

Delegating Authority

The process by which a person or body authorizes another person or body to perform certain tasks or make decisions on its behalf.

Interest

The charge for borrowing money, typically expressed as an annual percentage rate, or the profit earned on money invested.

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