Which of the Following Is True of a Land Contract

question 40

Multiple Choice

Which of the following is true of a land contract?

• A) The buyer agrees to pay the purchase price over a period of time.
• B) The trustee holds legal title to the property put up as security.
• C) If a buyer defaults, the seller does not have the right to declare forfeiture.
• D) The lender holds legal title to the property put up as security.

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Definitions:

Aggregate Supply

The entirety of goods and services that economic entities intend to market within a particular period in an economic environment.

Expected Price Level

The anticipated average of prices for all goods and services in an economy over a future period.

Labor Contracts

Agreements between employers and employees or unions that define terms of employment, salaries, benefits, and working conditions.

Short-run Phillips Curve

A graphical representation showing the inverse relationship between unemployment rates and inflation rates in the short-term.