REASONABLE PERSON Definition

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REASONABLE PERSON is a phrase to denote a hypothetical person who exercises qualities of attention, knowledge, intelligence, and judgment that society requires of its members for the protection of their interest and the interest of others.

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FIXED FEE is a set price for the completion of a project. It is easier for the customer to budget, but provides higher risk for the contractor due to cost overruns.

FORM 1065 (Schedule K-1) is the domestic partnership income tax return form used in the U.S.

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