The Owner of a Printing Company Has Arranged an Asset-Based

question 57

True/False

The owner of a printing company has arranged an asset-based loan to purchase a new cutting machine.The bank will use the cutting machine as collateral for the loan.

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Definitions:

Enforceable Contract

A legally binding agreement that can be upheld and enforced in a court of law.

Oral Contract

A contract wherein terms are agreed upon through spoken communication, which can be legally binding if it meets certain criteria, despite the lack of physical documentation.

Prove

To establish the truth or validity of something through evidence or argument.

Parol Evidence

Oral or verbal evidence that is not included in the written contract, often discussed in the context of disputes about what the parties agreed upon.