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Margo Leskinen
on Nov 28, 2024

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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.
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Fatima AlshamsiDec 04, 2024
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