When Determining the Legality of an Agreement, the Courts Do

question 44

True/False

When determining the legality of an agreement, the courts do not presume the parties intended a legal result.

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Definitions:

Security Interest

A legal claim or right granted over assets as collateral to secure the payment of a debt or performance of some obligation.

Purchase Agreement

A legal document outlining the terms and conditions under which a sale of property will take place.

Financing Statement

A document filed to give public notice to third parties of a secured party's interest in the collateral offered by a debtor.

Perfect

To complete or make flawless; in legal terms, it often refers to making a claim or security interest legally valid or enforceable.