1
Question
Esha lends money to Catherine. After a year, Esha demands the repayment of the loan. However, Catherine denies borrowing the loan. How should Esha defend her claim and collect the money loaned?
Esha lends money to Catherine. After a year, Esha demands the repayment of the loan. However, Catherine denies borrowing the loan. How should Esha defend her claim and collect the money loaned?
Open in App
Solution
The correct option is A Using the terms of credit
Whenever a loan is taken, a document comprising all loan-related information is drafted. This documentation is known as terms of credit. It has elaborate details of the loan amount, interest, collateral, date of repayment, and more. Thus, it serves as evidence of the loan given. Banks always require terms of credit for a loan agreement.
Whenever a loan is taken, a document comprising all loan-related information is drafted. This documentation is known as terms of credit. It has elaborate details of the loan amount, interest, collateral, date of repayment, and more. Thus, it serves as evidence of the loan given. Banks always require terms of credit for a loan agreement.
Suggest Corrections
0
Similar questions