When Asher Received a Loan from Bigbux Bank, He Was

question 17

True/False

When Asher received a loan from Bigbux Bank, he was required to pledge his house and car as collateral. The money from the loan was used to start his new business, which unfortunately failed within 6 months. The bank can now claim Asher's house and car to satisfy its claim.

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Definitions:

Fifth Amendment

An amendment to the U.S. Constitution that provides protection against self-incrimination, ensures due process of law, and other legal protections.

Civil Liberty

Civil liberty is the freedom of individuals to exercise traditional rights without unwarranted interference by the government, including freedom of speech, privacy, and due process.

Constitutional Right

Rights afforded to individuals as guaranteed by the Constitution, protecting citizens from governmental infringement.

Privacy

The state or condition of being free from being observed or disturbed by other people.