Examlex
When a manager treats employees as lazy, unmotivated, and in need of tight supervision; then the employees eventually meet the manager's expectations by acting that way. According to Douglas McGregor, this is known as a:
Indemnity
Indemnity is a contractual obligation of one party to compensate the loss occurred to the other party due to the acts of the indemnitor or any other party.
Guarantor
A guarantor is a person or entity that agrees to be responsible for another's debt or obligations, should the original party fail to meet their responsibilities.
Guarantee
A formal promise or assurance, typically in writing, that certain conditions will be fulfilled, especially that a product will be repaired or replaced if not of a specified quality.
Statute of Frauds
A legal concept that requires certain types of contracts to be in writing and signed by the party to be charged, in order to be legally enforceable.
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