A contract under which a person borrows money to buy property is called a(n) __________.

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22-08-2022
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A contract under which a person borrows money to buy property is called a(n) __________.

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shivanijain4931 shivanijain4931 · Answer 1 · 2022-08-27T05:51:28+02:00

A contract under which a person borrows money to buy property is called a(n) mortgage.

A contract is a legally enforceable agreement that establishes, defines, and controls the mutual rights and obligations between parties. Contracts typically include the transfer of goods, services, money, or promises to transfer at a future date.

Contract, in its simplest definition, a legally enforceable promise. A promise can be to do something or not to do something. Concluding a contract usually requires the mutual consent of two or more people, one making the offer and the other accepting.

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