When a Party Refuses to Perform a Contract When the Time

question 6

True/False

When a party refuses to perform a contract when the time for performance arises,an anticipatory repudiation has occurred.

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Definitions:

Repossession

The process by which a creditor takes back property or goods from the borrower due to failure to make scheduled payments.

Defaulted

Refers to failing to fulfill a legal obligation, especially failure to pay a debt or appear in court as required.

Foreclosed

The legal process by which a lender takes possession of a property due to the borrower's failure to pay the mortgage.