The loan contract is a formal document called a(n)________ and may contain a(n)________ specifying who retains control over the item being purchased in the case of default.

Question

Quizplus · Accepted Answer

A loan contract is commonly referred to as a note and may include a security agreement outlining the terms of ownership and control over the purchased item in case of default. Indenture and insurance clause are less commonly used terms in loan contracts. Legal transaction is too broad and does not specifically describe the nature of a loan contract.

The Loan Contract Is a Formal Document Called A(n)________ and May