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
a. a prepayment penalty.
b. forbearance.
c. foreclosure.
d. a short sale.
D
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The UCC alters the perfect tender rule with regard to installment contracts
Indicate whether the statement is true or false
Generally, reasonable liquidated damage clauses will be enforced A)when actual damages are easily determined
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Answer the following statement true (T) or false (F)