Zack Buys a House from Steven,agreeing to Assume the Outstanding

question 88

Multiple Choice

Zack buys a house from Steven,agreeing to assume the outstanding mortgage on the property held by Big Bank.Zack fails to make the mortgage payment.Which of the following statements is true?

• A)Zack can sue Steven for the mortgage payments.
• B)Steven is primarily liable for the mortgage.
• C)Big Bank has a cause of action against Steven only.
• D)If Big Bank sues Steven,Steven has an action against Zack for breach of contract.

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Definitions:

GDP

Stands for Gross Domestic Product, which measures the total value of all goods and services produced over a specific time period within a country's borders.

Deficit Spending

The practice of a government spending more money than it receives in revenue over a specific period, typically financed through borrowing.