In the Law When Both Parties Are Equally Responsible for an Illegal

question 15

True/False

In the law when both parties are equally responsible for an illegal agreement,it is known as in pari delicto.

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Definitions:

Bargain Purchase Option

An option in a lease agreement that allows the lessee to purchase the leased asset at a price significantly lower than its expected fair market value at the end of the lease term.

Executory Costs

Expenses related to ongoing maintenance and administration of a lease that are neither fixed nor included in the lease payments.

Annual Payments

Yearly amounts paid or received over the term of a financial instrument or agreement.

Lessor

The party in a lease agreement who owns the leased asset and grants the lessee the right to use the asset for a specified term in exchange for payment.