Get flash to fully experience Pearltrees
§ 11.01 Distinction Between Void and Voidable Contracts Certain defenses – generally those that affect assent – can render a contract voidable by the aggrieved party. Other defenses – typically those that pertain to law and public policy – may render a contract void.
Secured Transactions and UCC Law The law of secured transactions in the United States covers the creation and enforcement of a security interest. Usually, a secured transaction happens when a person or business borrows money for the purpose of acquiring property, including real estate, vehicles or business equipment. A security interest exists when a borrower enters into a contract that allows the lender, or secured party, to take collateral the borrower owns in the event that the borrower cannot pay back the loan. The term "security interest" is often used interchangeably with "lien" in the U.S. Purpose of secured transactions