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Which of the following is a true statement?
Obligations
Duties or responsibilities enforced by law, contract, or social norms that one party owes to another.
Secondary Parties
Individuals or entities that are indirectly involved in an agreement, transaction, or process, differing from the primary parties who are directly engaged.
Indorsers
Parties who sign a negotiable instrument, such as a check or promissory note, over to someone else, thus transferring their rights related to the instrument.
Acceleration Clause
(1) A clause in an installment contract that provides for all future payments to become due immediately on the failure to tender timely payments or on the occurrence of a specified event. (2) A clause in a mortgage loan contract that makes the entire loan balance become due if the borrower misses or is late making monthly mortgage payments.
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