In Some Cases the Court May Require Specific Performance When

question 30

True/False

In some cases the court may require specific performance when there is a breach of contract.

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Definitions:

Financial Lease

A type of lease in which the lessee has use of an asset through most of its useful life and the lease payments cover the original cost of the asset plus interest, resembling a loan purchase.

Lessor

The party in a lease agreement who owns the leased asset and grants the lease to the lessee in exchange for periodic payments.

Leveraged Lease

A lease agreement wherein the lessee uses borrowed funds to lease an asset, allowing for tax benefits and potential gains on the lease.

Nonrecourse Basis

Financing or loans where the lender's only assurance for repayment is the borrower's collateral, with no personal liability on the borrower's part.