Marco and Fred Enter into a Contract for the Sale

question 50

Multiple Choice

Marco and Fred enter into a contract for the sale of Marco's apartment for which Fred agrees to pay him $100,000.Marco cannot prohibit Fred from transfering his right to the ownership of the apartment because such a prohibition is

• A)against public policy.
• B)immoral.
• C)unconscionable.
• D)a crime.

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Definitions:

Amortized

Amortized refers to gradually reducing the principle amount owed on a debt over time through a fixed repayment schedule.

Compounded Monthly

Interest on an investment or loan calculated each month and added to the principal, affecting the amount of future interest.

Refinanced

The action of replacing an existing debt with a new one, often with more favorable terms or a lower interest rate.

Total Debt Service Ratio

A debt measure that financial institutions use to evaluate a borrower's ability to manage monthly payments and repay debts.