The Primary Distinction in Secured Credit Transaction Is Whether the Property

question 50

Multiple Choice

The primary distinction in secured credit transaction is whether the property:

• A) is tangible or intangible
• B) may or may not be stored
• C) is money or something else
• D) is real or personal
• E) is insured or not

---

Definitions:

Sale of Goods Act

Legislation governing the sale of goods that outlines the rights and obligations of the buyer and seller.

Writing Requirements

Legal stipulations that certain types of contracts or agreements must be in writing to be enforceable.

Purchase Order

A commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.

Title

The legal right to own, use, or dispose of property, as well as the formal document that serves as evidence of such ownership.