Examlex
When Steve convinces Tom to buy a pre-owned car from him while withholding the fact that the car has a mechanical problem,it indicates:
Security Interest
A legal claim on assets which is granted to secure the performance of an obligation, typically the repayment of a loan, which gives the lender rights in the secured assets.
Commercially Reasonable
Pertaining to actions, methods, or practices that are considered acceptable and appropriate by business standards or industry norms.
Liquidation
The sale of the nonexempt assets of a debtor and the distribution of the funds received to creditors.
Discharged
In a legal context, this refers to the process of releasing someone from their obligations or debts. In an employment context, it means being fired or let go from a job.
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