Generally,a Moral Obligation Is Sufficient Consideration to Bind Someone to a Contract

question 30

True/False

Generally,a moral obligation is sufficient consideration to bind someone to a contract.

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Definitions:

Lien

A claim against specific property to satisfy a debt.

Mortgage Insurance

Insurance that compensates a lender for losses due to a borrower’s default on a mortgage loan.

Debtor

An individual or organization that owes money to another party, typically as a result of being lent a sum of money or extended credit.

Default

Failure to pay a debt when it is due.