Examlex
Tony was so concerned that his department's project be completed on time that he offered all of his employees a $100 bonus for each day that the project was completed ahead of schedule.This is an example of
Possession
In law, it refers to the actual holding or control of property, whether owned or not.
Perfect
To complete or make flawless, often used in legal terms to describe the act of finalizing a security interest in accordance with the law.
Security Interest
A legal claim or lien on collateral that gives a lender the right to repossession if the borrower defaults on obligations.
Default
Failing to fulfill a legal obligation or agreement, particularly the failure to repay a loan as agreed with a lender.
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