Who Is Responsible for a Loan Repayment

question 90

Multiple Choice

Who is responsible for a loan repayment?

• A) The store granting credit
• B) The credit card company
• C) The government
• D) The cosigner
• E) The bank

Differentiate between express, implied, unilateral, and bilateral contracts through examples.

Identify the elements of consideration in contract law and its significance in contract formation.

Recognize contracts implied in law and the concept of quasi-contracts.

Understand different types of obligations and contracts, including quasi-contractual obligations.

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Definitions:

Absolutism

A deontological theory (also called nonconsequentialism) that emphasizes duties or rules; what’s morally right applies to everyone.

Teleological Ethics

Ethics that are value based.

Objective Rules

Standards or principles that are based on facts and are impartial, ensuring equal treatment and fairness.

Normative Ethics

A branch of ethics concerned with establishing how things should or ought to be, focusing on the criteria of what is morally right and wrong.