The Transfer of Possessions (But Not Ownership) of Chattels by a Debtor

question 56

Multiple Choice

The transfer of possessions (but not ownership) of chattels by a debtor to a creditor who is licensed to take and hold goods as security for payment of debts is known as

• A) bailment.
• B) a pledge.
• C) a pawn.
• D) carriage of goods.

---

Definitions:

Economic Growth Rates

The annual percentage increase in the value of all goods and services produced in an economy, serving as a measure of an economy's increase in wealth.

Future Years

Subsequent periods of time that have not yet occurred, often considered in planning, forecasting, or speculation.

Industrial Revolution

A period of major industrialization from the late 18th to early 19th century that transformed mainly agrarian, rural societies in Europe and America into industrialized, urban ones.

Steam Engine

A heat engine that performs mechanical work using steam as its working fluid, symbolizing the beginning of the industrial revolution.