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Credit transactions are agreements involving the delivery of goods, money, or services with the expectation of future payment. They are classified into nominate transactions with specific legal names, such as loans and mortgages, and innominate transactions governed by mutual agreement. Key principles include the accessory nature of most transactions, the necessity of consent and good faith, and specific remedies for breach such as foreclosure and payment of damages.

Author

Lovenia M. Ferrer

Language

EN