When the Value of the Security Is Not Great Enough

question 78

True/False

When the value of the security is not great enough to cover the debt,the shortfall is still owed by the debtor (but this may not be recoverable in some provinces).

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Definitions:

Substituted Contract

An agreement that replaces a previous contract, containing new terms that all parties agree upon, effectively nullifying the original agreement.

Solar Power Shingles

Roof shingles designed to absorb sunlight and convert it into electricity, serving as both a roofing material and a source of renewable energy.

Asphalt Shingles

Asphalt shingles are a type of roofing material made from fiberglass or organic materials saturated with asphalt and coated with mineral granules, used for waterproofing roofs.

Commercial Impracticability

A doctrine that allows parties to a contract to be excused from performing their obligations when unforeseen events make performance excessively difficult or costly.