Roe Promises to Build a House for Crown for Which,Crown

question 19

Multiple Choice

Roe promises to build a house for Crown for which,Crown agrees to pay him $10,000 when the house is complete.This example is related to the concept of:

• A)express condition.
• B)constructive condition.
• C)subsequent condition.
• D)implied condition.

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Definitions:

Payment

The transfer of money, goods, or services from one party to another as a fulfillment of an obligation.

Possession

The state or fact of owning, having, or controlling something.

Secured Party

A lender, seller, or any other person in whose favor there is a security interest, including a person to whom accounts or chattel paper has been sold.

Collateral

Assets pledged by a borrower to secure a loan or ensure repayment, which can be seized by the lender in the event of default.