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Evan Borrowed $100 000 from Joanna

question 9

Essay

Evan borrowed $100 000 from Joanna.As security for the repayment of that debt, he created a mortgage over Blackacre.Blackacre consists of a piece of land and a house.Explain why is it important to both parties that Blackacre is protected by insurance.


Definitions:

Purchase

The act of buying goods or services, resulting in a financial transaction.

Bill

A document indicating an amount owed for goods or services provided.

Pay Later

A payment arrangement that allows a buyer to purchase goods or services now and pay for them at a future date.

Authorship

The original creation and ownership of content, particularly in literature, art, or scholarly works.

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