Mercantile Limited, a Corporation in Toronto, Enters into an Agreement

question 34

Multiple Choice

Mercantile Limited, a corporation in Toronto, enters into an agreement with Jackson to advance $300,000 to Jackson for the purchase of farming equipment. Jackson agrees to give Mercantile Limited a mortgage over his home as security for the advance of the money. The terms of the agreement contain an appraisal provision that the commitment to make the loan is subject to an appraisal of Jackson's home of at least $350,000. The appraisal provision is known as

• A) a condition term.
• B) a condition precedent.
• C) a warranty.
• D) an implied term.
• E) an appraisal warranty.

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Definitions:

Purely Competitive Labor Market

A resource market in which many firms compete with one another in hiring a specific kind of labor, numerous equally qualified workers supply that labor, and no one controls the market wage rate.

Rate of Unionization

The percentage of workers who are members of a union within a particular workforce or industry.

Protective Service Workers

Individuals employed in occupations that focus on public safety, law enforcement, and security services.

Job Turnover

The rate at which employees leave a workforce and are replaced by new employees.