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Mercantile Law > PARTIES & LIABILITY > Flashcards

PARTIES & LIABILITY Flashcards

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1
Q

What is joint liability?

A

Is when each co-debtors is only liable for his or her pro rata share of the debt.

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2
Q

What is joint and several liability?

A

Is when the entire debt can be claimed from any one of the debtors.

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Mercantile Law (5 decks)

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