"Perfection" Is Required in Order for the Secured Party to Enforce

question 67

True/False

"Perfection" is required in order for the secured party to enforce rights against the debtor.

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Definitions:

Caveat Emptor

A Latin phrase meaning "let the buyer beware," implying that the buyer assumes the risk about the quality and condition of the product being sold.

Standard Form Contract

A contract with fixed terms prepared by a business.

Consideration

Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Binding

Having the effect of a legal obligation that must be adhered to; able to enforce a legal obligation.