What Is the Difference Between Positive and Normative Statements

question 363

Essay

What is the difference between positive and normative statements?

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Definitions:

Relinquish

To voluntarily give up or surrender a claim, right, or possession.

Security Agreement

A legal document that specifies the collateral for a secured loan, establishing the lender's rights to the secured property.

Rights and Duties

The legal entitlements and obligations that are held by individuals and entities under the law.

Debtor

An individual or entity that owes money to another; the borrower in a financial transaction.