Asked by
Margo Leskinen
on Nov 28, 2024Verified
Appliance Sales & Repair wants to get paid for its goods and services, so it will not sell goods or perform services unless payment is guaranteed. This is the concept of
A) good faith.
B) fiduciary duty.
C) a secured transaction.
D) fair debt collection practice.
Secured Transaction
A financial agreement in which property is pledged as collateral for a loan, granting the lender rights to the property if the borrower defaults.
Fiduciary Duty
Obligates an individual or organization to act in the best interest of another party, such as a trustee for beneficiaries.
Good Faith
The honest intent to act without taking an unfair advantage over another party in a transaction.
- Understand the concept and importance of a secured transaction.
Verified Answer
FA
Learning Objectives
- Understand the concept and importance of a secured transaction.