Failure to Perform as Agreed in a Contract Constitutes Breach

question 93

True/False

Failure to perform as agreed in a contract constitutes breach.

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Definitions:

Demand Loan

A type of loan where the lender can demand repayment at any time.

Simple Interest Rate

A fixed percentage of the principal amount that is paid as interest for the use of borrowed funds, calculated on an annual basis without compounding.

Final Payment

The last installment paid on a loan, completing the payback of the total borrowed amount and any accrued interest.

Student Loans

Funds lent to students to help cover the cost of post-secondary education, which typically have to be repaid after graduation.