Liam Had an Extension Built onto His Home

question 73

Multiple Choice

Liam had an extension built onto his home. He financed it for 48 months with a loan at 5.00% APR. His monthly payments were $770. How much was the loan amount for this extension?

• A) $33,436
• B) $40,123
• C) $46,810
• D) $53,497

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Definitions:

Principal's Intention

In a contractual agreement, it refers to the primary party's goal or objective intended through the contract.

Third Restatement

The most recent revision or version of a restatement in law, which aims to rearticulate legal principles for clearer understanding and application.

Apparent Authority

A form of authority that an agent appears to have to a third party because of the behavior or statements of the principal, even if the actual authority was not granted.

Actual Notice

Knowledge of a fact acquired directly through firsthand experience or communication, not through inference or assumption.