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Questions and Answers
In an equitable mortgage, what type of contract do the parties enter into?
In an equitable mortgage, what type of contract do the parties enter into?
- Employment contract
- Contract of sale (correct)
- Lease agreement
- Loan agreement
What is the purpose of the intention of the parties in an equitable mortgage?
What is the purpose of the intention of the parties in an equitable mortgage?
- To lease the property to a third party
- To secure a future debt by way of a mortgage
- To purchase property without a mortgage
- To secure an existing debt by way of a mortgage (correct)
What are the essential requisites of an equitable mortgage?
What are the essential requisites of an equitable mortgage?
- A loan agreement and intention to purchase property
- A contract of sale and intention to secure an existing debt (correct)
- An employment contract and intention to secure a business loan
- A lease agreement and intention to secure a future debt
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