A Debtor Must Sign a Written Security Agreement for a Pledge

question 71

True/False

A debtor must sign a written security agreement for a pledge used to secure a loan.

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Definitions:

Market Price

The existing rate at which an asset or service is available for buying or selling in a competitive environment.

Not Binding

A term used to describe agreements, conditions, or regulations that do not impose restrictions on the actions of the involved parties.

Market Effect

The impact of supply, demand, and external factors on the prices and availability of goods and services in a market.

Minimum-Wage Laws

A legal framework that specifies the minimum hourly earnings employers are obliged to pay their staff.