Funds from Short-Term Loans Can Generally Be Obtained Faster Than

question 42

True/False

Funds from short-term loans can generally be obtained faster than from long-term loans for two reasons: (1)when lenders consider long-term loans they must make a more thorough evaluation of the borrower's financial health,and (2)long-term loan agreements are more complex.

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Definitions:

Reasonable Diligence

The level of effort and care expected from a person in a given situation, characterized by prudence, responsibility, and attentiveness.

Model Rule 3.3

A professional conduct rule for attorneys in the U.S., stipulating that a lawyer must not knowingly make false statements to a tribunal or fail to correct false statements made by the lawyer or the client.

Committing Perjury

The criminal act of lying under oath during a legal proceeding, which undermines the justice system's ability to ascertain the truth.

Exculpatory Evidence

Evidence that might exonerate a defendant in a criminal proceeding, showing they are not guilty of the crime.