When the Parties Fail to Address an Important Aspect of Their

question 72

True/False

When the parties fail to address an important aspect of their contractual relationship, the law may help to "fill in the blanks" through implied terms.

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Definitions:

Mortgage Loan

A specific type of loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty.

Compounded Monthly

The process of calculating interest on both the initial principal and the accumulated interest of previous periods on a monthly basis.

Retirement Plan

A financial arrangement designed to replace employment income upon retirement, which may involve contributions by employers, employees, or both.

Contributions

Amounts given or payments made towards a common goal, project, or for the benefit of a group.