James Agreed to Sell a Widget to Claire for $10

question 39

True/False

James agreed to sell a widget to Claire for $10 000.She intended to use that item for her personal use.Under the terms of the contract,James agreed to deliver the widget to her on July 1 and Claire promised to pay the full price on the same day.James delivered the widget to Claire,but she did not pay the price as promised.If Claire is insolvent,James is entitled to either exercise a lien over the property or exercise the right of repossession under the Bankruptcy and Insolvency Act.

---

Definitions:

Present Value

The value today of a sum of money or sequence of cash flows expected in the future, discounted by a certain rate of return.

Interest Rate

The percentage at which interest is paid by a borrower for the use of money that they borrow from a lender.

Payday Loans

Short-term, high-interest loans that are typically due on the borrower’s next payday.

Active Duty Personnel

Active duty personnel refers to military members who are currently serving on a full-time basis in their military capacity.