Short-Term Debt Is Frequently Less Expensive Because It Provides the Borrower

question 137

True/False

Short-term debt is frequently less expensive because it provides the borrower more security.

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Definitions:

Gratuitous Promise

A promise made without expecting anything in return, not legally binding unless certain conditions are met.

Under Seal

A legal term indicating that a document's contents are officially confirmed, certified, or kept confidential, often implying a higher degree of authenticity.

Electronic Commerce Transactions

Business dealings conducted over electronic systems such as the internet, including buying and selling goods or services and the transfer of money.

Contract Elements

Essential components required for a legally binding contract, including offer, acceptance, consideration, capacity, and legality.