A Defense That Can Only Be Asserted by the Principal

question 8

Multiple Choice

A defense that can only be asserted by the principal debtor is called a ____ defense.

• A) real
• B) subrogated
• C) personal
• D) joint

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Definitions:

Liquidated Damages

Pre-determined damages agreed upon by parties in a contract, to be paid if one party breaches the contract.

Article 2A

A specific portion of the Uniform Commercial Code that governs leases of personal property.

Buyer's Remedies

Legal actions available to a buyer when a seller fails to fulfill their contractual obligations, including recovery of damages and cancellation of the contract.

Tender

An offer to perform an obligation or to pay an amount to fulfill a contract, or the actual payment or delivery in compliance with such an offer.