In a Situation of Default,it Is Easier for the Lender

question 3

True/False

In a situation of default,it is easier for the lender to realise on his security by obtaining a final order of foreclosure,rather than conducting a power of sale.

---

Definitions:

Interpretation

The process of explaining, defining, or clarifying the meaning of words, texts, or actions.

Bilateral Mistake

A misunderstanding where both parties involved in a contract have an incorrect belief about a basic assumption on which the contract is based.

Mistake Of Value

An error made by one or both parties at the time of entering into a contract, regarding the value or worth of the subject matter of the contract.

Voidable

Refers to a contract that is valid and enforceable unless challenged and declared void by a party to the contract who is deemed to have been disadvantaged or defrauded.