There Are Two Categories of Contractual Breach

question 99

Multiple Choice

There are two categories of contractual breach.They are _____.

• A)compensatory and punitive
• B)minor and substantial
• C)material and inferior
• D)minor breach and material break

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Definitions:

High-priced Item

An item or asset that has a high cost or value, often relative to similar items in the market.

Low Collateral Value

Low collateral value refers to assets that have declined in worth, offering less security for loans and reducing borrowing capacity.

Credit Scoring

A system used by lenders to evaluate the creditworthiness of potential borrowers, resulting in a score that predicts the likelihood of repayment.

Probability of Default

The probability that a borrower will fail to fulfill their debt responsibilities.