Horace Borrowed $100 000 from Blossom

question 78

Multiple Choice

Horace borrowed $100 000 from Blossom.As security for repayment of that loan,he created a mortgage over a piece of land called Blackacre.Horace has repaid part of the loan,but still owes $40 000 to Blossom.He is unable to repay the outstanding amount or make the next mortgage payment.Which of the following statements is TRUE?

• A)Under normal circumstances,Blossom has the right to take possession of Blackacre,but only if the land is located in a land titles system jurisdiction.
• B)Because the parties have both a loan contract and a mortgage,Blossom has an absolute right to sue Horace personally for $40 000,regardless of the province or territory in which Blackacre is located.
• C)If Blossom exercises a right to take possession of Blackacre,she cannot later use the remedy of foreclosure.
• D)If Blossom exercises a right to take possession of Blackacre,Horace's equity of redemption will necessarily be terminated.
• E)If the mortgage contract contains an acceleration clause,then Horace may be liable to immediately pay $40 000,even if the parties originally expected that he would pay half of that amount next year.

---

Definitions:

Retentive Timer

A type of timer that keeps track of the accumulated time across power cycles or resets.

AC Time

A measure of the time that alternating current (AC) takes to complete one cycle, often referenced in electrical and electronic contexts.

Efficiency-Wage Theory

The theory suggesting firms pay wages above the equilibrium to increase worker productivity and reduce turnover.