y the creditor on
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True or False
1. A debtor may authorize anybody to pay the creditor on his behalf.
2. The creditor has no right to refuse payment from person authorized by the debtor.
3. The debtor is obliged to pay the loan unconditionally.
4. Creditor has the right to demand payment of cash only.
5.
Step by step
Solved in 2 steps
- True or False. 1. The loan is considered fully paid and the debtor is released from the obligation, when the creditor considered the loan as donation. 2. Maturity date is the date in which the debtor has the legal and absolute right to collect payment. 3. Only the creditor has the right to collect from the debtor, and this right is non-transferrable. 4. In a single credit transaction, there can be more than one debtors. 5. The debtor is primarily liable to pay the loan. 6.1. Loans that are to be securitized are passed on to ____ _ _ _ _ _ ___. This helps ensure that if the lender goes bankrupt , it does not affect the credit status of the pooled loans . A. the originator B. a special - purpose entity C. the trustee D. a servicer E. the credit enhanceTrue or False. 1. Payment of the loan is expected to be in the form of cash, and in currency, as agreed upon in the loan agreement. 2. A debtor may authorize anybody to pay the creditor on his behalf. 3. The creditor has no right to refuse payment from person authorized by the debtor. 4. The debtor is obliged to pay the loan unconditionally. 5. Creditor has the right to demand payment of cash only. 6.
- 5. Which of the following will make Murabaha invalid? a. If payment is made in installments b. if the supplier is not paid directly by the bank. c. Price not agreed. d. Price not fully paid.6. When unspecified receivables are used to secure for a loan, which accounting treatment is required? Only a note to financial statement is required The borrower notifies the debtor that their receivables were assigned the borrower should not notify the debtor that their receivables were assigned Notify the debtor that their receivable was soldQuestion 46 of 50. Which situation is generally a consequence of overly lenient loan repayment terms? A. The borrower does not have the needed cash flow for operations. B. The lender defers solely to the customer's judgment. C. The borrower uses the funds for purposes other than loan repayment. D. The lender has much control over how funds are used by the borrower. Mark for follow up
- 4. Which of the following statements about promissory notes is incorrect? a. Interest is the revenue to the maker of the note b. The party making the promise to pay is the debtor c. The party to whom payment is to be made is the creditor d. The maturity date of the note is the date when final payment of the note is dueTRUE OR FALSE 1) A contract procured by fraud during face to face negotiations with an impostor is void. 2) A contract procured by fraud by mail with an impostor is voidable. 3) A usurious loan is a valid loan.10. Which is correct about covenants? a. Covenants are written promises of the issuer that is enforceable by law. b. Covenants are promises to do and not to do. c. Covenants include interest and principal payments. d. Covenants include a prohibition against disposing of collateral. e. An employee receives minimal income at their early career stage but eventually he/she receives f. All of the above g. None of the above
- 42.What is "recourse" as it relates to transfer or sale of receivables? a. The obligation of the endorser/seller of the receivables to pay the endorsee/purchaser in case the debtor fails to pay. b. The obligation of the endorsee/purchaser of the receivables to pay the endorser/seller in case the debtor fails to pay. c. The obligation of the endorser/seller of the receivables to pay the endorsee/purchaser in case the debtor returns the product related to the sale. d. The obligation of the endorsee/purchaser of the receivables to pay the endorser/seller if all of the receivables are collected.45.In a security agreement, the ___________is the party who owes money and the ____________is the entity who has a security interest in the collateral and has the right to be repaid -creditor; bank -trustee; loan officer -debtor; secured creditor -none of the above8. When specified receivables are used to secure for a loan on a notification basis, which accounting treatment is required? Only a note to financial statement is required The borrower notifies the debtor that their receivables were assigned the borrower should not notify the debtor that their receivables were assigned Notify the debtor that their receivable was sold