Define the Following Terms: Missi Dominici

question 63

Short Answer

Define the following terms: missi dominici

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Definitions:

Principal Debtor

The primary individual or entity legally obligated to repay a debt or loan.

Capacity

In legal context, it refers to the ability of an individual to understand the nature and effects of one's actions, including the ability to make contracts or execute wills.

Unsecured Credit

refers to credit extended without any collateral backing, based solely on the borrower's creditworthiness and promise to repay.

Foreclosure

The legal process by which a lender takes possession of a property used as collateral for a loan due to failure of the borrower to meet the repayment terms.