In the Case of ________,After the Foreclosure,the Proceeds of the Sale

question 42

Multiple Choice

In the case of ________,after the foreclosure,the proceeds of the sale are applied to the payment of the mortgage debt,and any surplus is paid over to the mortgagor.

• A)strict foreclosure
• B)foreclosure by action and sale
• C)accommodative foreclosure
• D)foreclosure by redemption

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Definitions:

Binding Contract

An agreement between two or more parties that is legally enforceable in a court of law.

Accepts Delivery

Refers to the act of receiving goods from a seller or transporter, acknowledging that the delivery meets the terms of the agreement.

Unilateral

Describes actions or agreements made by one party without the necessity for acceptance or agreement from another.

Bilateral

Pertains to a contract or agreement involving two parties who each have obligations towards each other.