Darwin Borrows $200,000 from Evermore Bank to Buy a Home

question 27

Multiple Choice

Darwin borrows $200,000 from Evermore Bank to buy a home.Less than six months into the term,Darwin stops making payments on the loan.To initiate the process to repossess and auction off the property securing the loan,Evermore must

• A)issue a notice of sale to the borrower.
• B)offer the property for sale in an auction on the courthouse steps.
• C)record a notice of default with the appropriate county office.
• D)resort to litigation to establish clear ownership of the property.

Comprehend how planning facilitates the controlling function in management.

Distinguish between single-use plans and standing plans.

Know the purpose and function of policies, procedures, and budgets in organizational planning.

Understand the concept of focus both for individuals and organizations.

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Definitions:

Tender

The act of performing a contract or the offer of payment of money due under a contract.

Doctrine Of Frustration

A legal principle that allows a contract to be discharged when an unforeseen event makes contractual obligations impossible to perform, or fundamentally changes the party’s principal purpose for entering into the contract.

Common Law

A legal system characterized by judicial decisions creating precedent, originating in England and forming the basis of legal systems in many English-speaking countries.

Clause

A specific provision or section within a contract or legal document that stipulates particular terms, conditions, or obligations.