A Secured Party May Be Liable to a Debtor for Failing

question 37

True/False

A secured party may be liable to a debtor for failing to comply with the debtor's request for confirmation of the amount of the unpaid debt.

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Definitions:

Legal Consideration

An essential element of a contract, referring to something of value promised to another when making an agreement.

Contract Was Formed

A statement indicating that an agreement meeting all legal requirements for enforceability (offer, acceptance, consideration) has been successfully established between parties.

Consideration Requirement

A fundamental principle in contract law that requires both parties involved in a contract to exchange something of value for the agreement to be legally binding.

Legal Value

Consideration or a benefit recognized by the law that supports a contract's enforceability.