Exceptions to the Preexisting Duty Rule Include Rescission

question 17

True/False

Exceptions to the preexisting duty rule include rescission.

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Definitions:

Outstanding Balance

It signifies the total amount still owed on a loan or credit line, factoring in both principal and interest, at a certain point in time.

Interest Rate

The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets over a specific period.

Per Annum

Annually or by the year; often used to specify interest rates, salaries, and other financial measurements that occur on a yearly basis.

Accumulate

In investment terms, to gradually gather or acquire an increased quantity of a particular asset or security over time.