Examlex
In which of the following designs can a cause-and-effect relation be determined?
Forbearance
A temporary postponement of mortgage payments granted by a lender or creditor in lieu of forcing the property into foreclosure, allowing the borrower time to catch up on payments.
Breach of Contract
A violation of the terms or conditions as stated in a contract, which may result in legal action or penalties against the party at fault.
Fair Market Value
The price at which property would sell for on the open market between a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts.
Valid Consideration
An essential element in the formation of a contract, referring to something of value (such as goods, services, or money) exchanged by the parties that induces them to enter into the agreement.
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