To Create an Enforceable Security Interest Between Mortgage Bank and National

question 12

Multiple Choice

To create an enforceable security interest between Mortgage Bank and National Property Company in a written security agreement, the agreement must be signed by

• A)the debtor.
• B)the creditor.
• C)all of the choices.
• D)a disinterested third-party witness.

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Definitions:

Unconscionable

Describes actions or conditions that are excessively unfair or immoral to a degree that they go against the basic principles of justice or good conscience.

Procedural Unconscionability

A legal concept where a contract or clause is considered unjust due to unfair or oppressive terms or conditions that were imposed upon one party, often due to unequal bargaining power.

Undue Influence

Improper or unfair persuasion by one party over another, often leading to decisions that are not in the victim's best interest.

Substantive Unconscionability

A legal principle that allows courts to refuse to enforce contracts that are grossly unfair or one-sided in favor of the party with superior bargaining power.