If a Debtor Defaults on a Credit Contract, the Creditor

question 40

Multiple Choice

If a debtor defaults on a credit contract, the creditor may:

• A) impose a late charge.
• B) garnish wages if there has been a court proceeding to enforce collection of a judgment.
• C) declare the entire balance of the debt immediately due and may sue on the debt.
• D) All of these.
• E) Both  impose a late charge and  declare the entire balance of the debt immediately due and sue on the debt.

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Definitions:

Two Competitors

Entities, especially businesses, engaged in a rivalry in the same industry or sector, striving to achieve goals such as higher sales, market share, or innovation.

Rivalry

Competition or conflict between two or more parties, often for dominance or superiority in a specific area.

Nature of Competition

Refers to the characteristics and dynamics of rivalry among businesses in the same industry, which can influence market behavior and business strategies.

Porter's Five Forces

A model developed by Michael E. Porter that identifies and analyzes five competitive forces that shape every industry and help determine an industry's weaknesses and strengths.