Lines of Credit Usually Charge a Variable Interest Rate, Tied

question 22

True/False

Lines of credit usually charge a variable interest rate, tied to the lender's prime rate.

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Definitions:

Misrepresentation

An untrue assertion made by one party to another that influences the latter to enter into a contract.

Bilateral Mistake

A mistake that occurs when both parties to a contract are mistaken about the same material fact.

Interpretation

The process of explaining the meaning of something, often applied within legal, financial, and technical contexts to understand texts, actions, or events.

Contractor's Bid

A proposal offered by a contractor to perform a specific job or project at a defined price and under certain conditions.