Examlex
Identify the following terms.
-ABM Treaty/SALT I
Binding Agreement
A legally enforceable contract between parties that requires the fulfillment of certain obligations.
Extend Credit
The act of lending money or providing services or goods with an agreement that payment will be made in the future.
Security Interest
A legal claim or lien on collateral that gives a lender the right to take property if a borrower defaults on their obligations.
Perfection
In legal and financial contexts, refinement is the process of securing an interest in collateral against third parties, often through public registration.
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