You Might Find Yourself Obligated to Pay an Entire Debt

question 104

Multiple Choice

You might find yourself obligated to pay an entire debt in full if you miss several payments because of the ____ clause found in most installment loan contracts.

• A)Lien
• B)acceleration
• C)cosigner
• D)mortgage

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Definitions:

Above Market Rate

A price or rate that is higher than the prevailing market standard or average.

Insolvent

A financial state in which an individual or an entity cannot meet their debt obligations as they come due because their assets do not exceed their liabilities.

UCC

In the United States, the Uniform Commercial Code is a detailed compilation of statutes that regulate commercial dealings.

Stopping Delivery

Halting the shipment of goods, often by the seller, under specific circumstances outlined in a sales or shipping agreement.