Consumer Loans, Like Open Account Credits, Result from a Rather

question 28

True/False

Consumer loans, like open account credits, result from a rather informal process.

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Definitions:

Illusory Promise

Describes a statement or agreement that appears to be a promise but is too vague or has terms that allow the promisor to avoid any real obligation.

Consideration

Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Student Debt

Loans accumulated through financing higher education, often a significant financial burden for graduates.

Bilateral Contract

A legal agreement in which both parties make promises to perform certain actions or obligations.