Contract Terms That Specify Things a Borrower "Must"do Are Referred

question 5

Multiple Choice

Contract terms that specify things a borrower "must"do are referred to as

• A) instructive covenants
• B) informative covenants
• C) negative covenants
• D) positive covenants

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Definitions:

EIC Formula

The calculation method used to determine the Earned Income Credit, a refundable tax credit for low to moderate-income working individuals and families.

Earned Income

Income derived from active participation in a business, including wages, salaries, tips, and net earnings from self-employment.

Elderly or Disabled

Elderly or Disabled refers to tax terms that qualify individuals for certain tax deductions or credits based on their age, typically over 65, or if they have a qualifying permanent disability.

Base Amount

Refers to a reference value used in calculations, often determining thresholds or limits in tax and financial contexts.