When a Tangible Product Is Not Included in a Service

question 42

Short Answer

When a tangible product is not included in a service, such as with counseling, it is called a __________.

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Definitions:

Secured Party

A lender or creditor that has a legal interest in the collateral offered by the debtor to secure a loan or other obligation.

Obligation

An obligation is a legal or moral duty to do or not to do something.

Purchase-Money Security

A legal interest or lien on a piece of property which secures the repayment of the funds used to purchase the property.

Collateral

An asset pledged by a borrower to secure a loan, subject to seizure in the event of default.