Isabel and Josh Engage in a Business Transaction That Leads

question 38

Multiple Choice

Isabel and Josh engage in a business transaction that leads to a dispute. Isabel initiates a lawsuit against Josh by filing a complaint. The sheriff serves Josh with a summons. If Josh chooses to ignore it,​

• A) ​Isabel must file an amended complaint.
• B) ​Isabel will have a judgment entered in her favor.
• C) ​Josh must be served with a second summons.
• D) ​Josh will have a judgment entered in his favor.

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Definitions:

Line of Credit

A flexible loan from a bank or financial institution that offers a borrower a maximum amount of money they can borrow over a specified time period.

Receivable Financing

A financing arrangement where a business uses its accounts receivable as collateral for a loan, improving cash flow.

Commercial Banks

are financial institutions that offer a wide range of services such as accepting deposits, providing business and personal loans, and other financial products and services to the public.

Financial Track Records

Documentation or history that shows the financial performance and health of a company or individual over time.