Norms Are the Shared Expectations About What Is Considered Correct

question 30

True/False

Norms are the shared expectations about what is considered correct and normal behavior.

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Definitions:

Personal Property

Movable assets owned by an individual, as opposed to real property like land or buildings.

Debtor

An individual or entity that owes money or is legally obligated to make payments to another party.

UCC

Stands for the Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States.

Default

Failure to make payments on a loan.