The Most Popular Use of Consumer Loans Is to

question 44

Multiple Choice

The most popular use of consumer loans is to

• A)purchase a car.
• B)finance a college education.
• C)finance a vacation.
• D)buy a house.
• E)buy furniture.

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Definitions:

Consideration

A fundamental concept in contract law that refers to something of value (such as money, a promise, or an act) exchanged between parties as part of a contract.

Bargained-For Exchange

A mutual agreement between parties in which each promises to give something in exchange for a benefit.

Consideration

In contract law, consideration refers to something of value, which can be an object, service, money, or promise, exchanged between parties as the basis for a contract.

Bilateral Contract

An agreement between two parties in which each party commits to performing a specific obligation.