Which of the following statements is true about a deposit?
A)it is an amount paid at the beginning of the contract as a sign of good faith
B)it can be forfeited if the transaction is not completed by the fault or choice of the depositor
C)All of the above
D)it can be accepted by the innocent party as the complete payment or remedy for damages and the innocent party cannot sue for more
E)it will be considered a penalty if it exceeds more than 10% of the total price

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is true about a deposit?
A)it is an amount paid at the beginning of the contract as a sign of good faith
B)it can be forfeited if the transaction is not completed by the fault or choice of the depositor
C)All of the above
D)it can be accepted by the innocent party as the complete payment or remedy for damages and the innocent party cannot sue for more
E)it will be considered a penalty if it exceeds more than 10% of the total price

Which of the Following Statements Is True About a Deposit