Which of the following is correct concerning termination statements?
A. A termination statement must be filed by a secured party when a debtor has defaulted on a loan.
B. For consumer debt, the secured party must complete a termination statement in every place that it filed a financing statement.
C. The secured party must file a termination statement within 30 days of a consumer debtor's demand, provided the debtor has paid the full debt.
D. A termination statement indicates that a secured party is transferring its rights to collateral to another party.
Answer: B
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Fill in the blank(s) with the appropriate word(s).
Laura offered to sell Louis a tract of land. The offer was complete and certain as to all material terms. The offer stated that a telegraphed acceptance was required. Within a reasonable time, Louis telephoned Laura to accept. Which of the following is a true statement about this situation?
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