The Responsibility of Maurice to Make Arrangements to Give the Window

question 46

Multiple Choice

The responsibility of Maurice to make arrangements to give the window installer access to the home is referred to as which of the following?

• A) A condition subsequent
• B) A condition precedent
• C) An implied condition
• D) An express condition
• E) An acknowledged condition

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Definitions:

Bank Loans

Debt provided by banking institutions that is repayable over a set period of time with interest.

Pledged

Assets that are promised or committed as security for the fulfillment of a debt or an obligation.

Accounts Receivable

The money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.

Collateral

Collateral is an asset that a borrower offers to a lender to secure a loan. If the borrower fails to repay the loan, the lender has the right to seize the collateral.