Difference between revisions of "Terminology"

;mistake:In law, an unintentional act or failure to act arising from a misunderstanding of the true state of affairs, from ignorance, or from an error not made in bad faith. In contract law, an unintentional misunderstanding as to the nature of a term agreed to in a contract. See "bad faith" and "contract."

;mortgage:The conditional transfer of the title to real property by an owner to another person in return for money given by that person as a loan, while retaining possession of the property. The party to whom title is given, the "mortgagee," usually a bank, is allowed to register the title of the property in their name if the person taking the loan, the "mortgagor," fails to make the required payments. See "encumbrance" and "real property."

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