Examlex
Which of the following is defined to mean "honesty in fact" in performing the duties assumed in the contract or in carrying out the transaction?
Principal Debtor
The main individual or entity obligated to repay a debt on which a security may be claimed.
Surety
A person or entity that takes responsibility for another's performance of an obligation, such as the payment of a debt.
Payment
The transfer of money, goods, or services as compensation for an obligation or debt.
Collateral
refers to assets pledged by a borrower to secure a loan or other credit, and subject to seizure in the event of default.
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