When the Maker of a Note Is Unable or Refuses

question 90

Short Answer

When the maker of a note is unable or refuses to pay at maturity, the note is said to be ________.

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Definitions:

Objective

In legal and business terms, it refers to the external, observable aspects of something as distinct from internal thoughts or feelings.

Punish

the act of imposing a penalty on someone as retribution for an offense.

Resale Agreement

An agreement between parties where the seller agrees to sell an asset or product with the understanding that the buyer intends to sell it again to a third party.

Unconscionable

A term used to describe actions or conditions that shock the conscience or are exceedingly unfair or unjust.