Based on a Written Mortgage,Jackie's Payment to Commerce Bank Was

question 3

True/False

Based on a written mortgage,Jackie's payment to Commerce Bank was due on June 1.On May 31,Jackie received a phone call that her mortgage had been assigned to Brown Investments.Under the equal dignities rule,Jackie still has a legal obligation to perform on time.

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Definitions:

Implied Warranty

A legal term for the assurance that a product will meet a certain standard of quality and functionality without it being explicitly stated by the seller.

Magnuson-Moss Act

A federal law in the United States aimed at improving consumer protection for goods by setting forth warranties and disclosure requirements.

Statue Of Limitations

Legislation that establishes the maximum period following an occurrence within which legal actions must be commenced.

UCC

Uniform Commercial Code; a comprehensive set of laws governing commercial transactions in the United States, including sales, leases, and secured transactions.