Examlex
Identify the three types of organizations and list the characteristics of each one.
Holder in Due Course
A holder in due course is a party in possession of a negotiable instrument, such as a check, who has taken it under certain conditions, protecting them from prior claims and defenses.
Consumer Credit Contract
An agreement between a borrower and a lender in which the borrower receives something of value now and agrees to repay the lender at a future date, usually with interest.
Defective Furniture
Furniture that has manufacturing flaws, impairing its usability, safety, or aesthetic value.
Finance Company
A business that makes loans to individuals and/or corporations, besides banks and other traditional financial institutions.
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