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COB 318 EXAM 4 (CH. 15-19) UPDATED 2024 QUIZ WITH VERIFIED ANSWERS | LATEST 2024/2025
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COB 318 EXAM 4 (CH. 15-19) UPDATED 2024 QUIZ WITH VERIFIED ANSWERS | LATEST 2024/2025
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COB 318 EXAM 4 (CH. 15-19) UPDATED2024 QUIZ WITH VERIFIED ANSWERS |
LATEST 2024/2025
Cal owes Devin $500 on their roof repair contract, but
refuses to pay. To collect, Devin files a mechanic's lien.
Under a mechanic's lien, security for the debt is
represented by - ✔✔ANSWER✔✔-Cal's real estate
,Michael contracts with Jill to fix the brakes on her Honda
Civic. Jill leaves her car with Michael, but refuses to pay
when the work is done. Michael refuses to return the car
until she pays. If Michael imposes a lien on Jill's car, it will
end - ✔✔ANSWER✔✔-when Michael voluntarily
surrenders possession of the car
Sasha's debt to Tully is past due. Tully brings a legal action
against Sasha to collect the debt. To ensure that a
judgment in Tully's favor will be collectible, he asks the
court to order the seizure of Sasha's property. This is a
request for - ✔✔ANSWER✔✔-a writ of attachment.
A court awards a judgment to Loan Collection Agency,
who is the creditor, against Margret, who is the debtor.
After the judgment, the creditor requests a court order to
seize Margret's property to ensure that the judgment will
be collectible. This is - ✔✔ANSWER✔✔-a writ of
execution
,Erin and Dooley, a married couple, borrow $120,000 from
Capital & Credit Bank to buy a home. When Erin and
Dooley divorce, they are unable to make payments on
the mortgage. The market value of the home has
declined to less than the balance of the loan. Capital &
Credit agrees to a sale of the property for this amount.
This is - ✔✔ANSWER✔✔-a short sale
Vito borrows $110,000 from Watershed Bank to buy a
home. If he fails to make payments on the mortgage, the
bank has the right to repossess and auction off the
property securing the loan. This is - ✔✔ANSWER✔✔-
foreclosure
Gena borrows $350,000 from Fish Island Bank to buy a
home, which secures the mortgage. In the seventh year
of the loan, Gena stops making payments. After the bank
repossesses the property but before it is sold, Gena may
buy it by paying - ✔✔ANSWER✔✔-the full amount of the
debt, plus any interest and costs
, Denise borrows $90,000 from Clear Lake Credit Union to
buy a home. Denise loses her job and fails to make
payments on the mortgage, but assures Clear Lake Credit
that she will soon secure a new job. The lender agrees to
postpone the payments. This is - ✔✔ANSWER✔✔-a
forbearance
Fleet Trucking, LLC, buys a white van from Go Motors,
Inc. , on credit under a guaranty signed by Herbie, Fleet's
president, making him personally liable if the company
does not pay. Herbie is - ✔✔ANSWER✔✔-a guarantor
Dina asks Edie to co-sign a credit application so that she
can borrow money and buy a piano from First Chair, a
musical instruments and supplies seller. If, after the loan
agreement is signed, Dina agrees to a higher rate of
interest without telling Edie, then Edie is -
✔✔ANSWER✔✔-discharged from the agreement.
Jordan is a surety for Kelly's loan from Lenders Credit
Corporation. When the loan comes due, Kelly tries to pay
Lenders Credit, but the creditor rejects the payment.
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