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If a Buyer Accepts the Responsibility to Pay an Existing

question 2

Multiple Choice

If a buyer accepts the responsibility to pay an existing loan on the property purchased, it is called:

Definitions:

Oral Contract

An agreement made through spoken words rather than written, which can be legally binding under certain conditions.

Another's Debt

The obligation to repay money borrowed by another person or entity, often due to a legal or financial agreement.

Written

Something that is expressed or communicated in the form of documentable characters, letters, or symbols.

Performed

Executed or carried out an action or task according to specified procedures or requirements.