Collateral is:
A) any property of a debtor
B) property pledged as security for a loan
C) a loan given to a debtor
D) a deposit given on the purchase of a motor vehicle
E) property acquired by a debtor
B
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If a seller delivers nonconforming goods under an installment contract, the buyer or lessee may reject any nonconforming installment if the value of the installment is impaired and the defect cannot be cured.
Indicate whether the statement is true or false.
The Big Mac Index shows that the price of the Big Mac in China converted from the local currency, the yuan, to be $2.18, whereas its price in the United States is $3.73. This shows that:
A) the Big Mac is more popular in China than in the United States. B) the Big Mac is less expensive in the United States than in China. C) the Chinese yuan is overvalued when compared to US $. D) the Chinese yuan is undervalued against the US $. E) beef is less expensive in China than in the United States.