Buying and Selling Stock Answers

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What is a contract?

a written agreement that only businesses need to use

an agreement that cannot be changed once it is made

a document that is only used in official settings, like in court

a legal agreement that binds parties to specific rights and obligations

If Casey misses a payment and pays 20 days late, what is the penalty according to the mortgage contract?

a 5% increase in the interest rate

5% of the monthly payment amount

a warning letter with no financial penalty

no penalty, as Casey paid within the grace period

What is the purpose of the privacy clause in Casey's mortgage contract?

to permit the lender to publicize Casey’s purchase details

to ensure Casey’s financial information is sold to the highest bidder

to guarantee Casey receives savings and marketing from third parties

to prevent unapproved sharing of Casey’s financial details

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