The Agreement Providing Security in Real Property Is A(n)

question 238

Multiple Choice

The agreement providing security in real property is a(n) :

• A) draft
• B) guaranty
• C) suretyship
• D) easement
• E) none of the other choices are correct

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Definitions:

Implied Novation

A legal concept where a new contract is assumed to replace an old one due to the actions or situations of the parties involved, without this being explicitly stated.

Actual Novation

The replacement of an existing obligation with a new one, extinguishing the original obligation and creating a new contract with different terms.

Buyout Price

The agreed amount for which an ownership interest in a business can be purchased outright.

Court Order

A formal instruction issued by a court that requires a person or entity to do or not do something.