What if your relative failed to pay you back as his salary promised still did not received?
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Answer:tula na may tugma tungkul sa pamilyang masaya
Community AnswerExpert-VerifiedCommunity AnswerAnswered by DonnieLarsonThis answer helped 58871004 people58M0.00A person who promises payment for goods but fails to pay back the individual is known as a defaulter. In cases where a cosigner is involved, they are legally responsible for the loan repayment if the original borrower defaults. Severe consequences such as legal action and collateral seizure can occur if obligations are not met.A person who promises payment for goods but fails to pay back the individual is usually described as a defaulter. By definition, the term 'defaulter' depicts an individual or an entity that doesn't meet its legal obligations, particularly when they fail to fully pay off a debt. In some cases, this person may have a cosigner (another person or firm) who is legally pledged to repay some or all of the money on the loan if the original borrower does not.Generally, transactions in the goods market come with safeguards like a money-back guarantee, which acts as a promise of quality, encouraging people to buy, and offers a recourse if they are not satisfied with the product. However, if the person or firm fails to make the agreed payments or resell goods as promised, they default on their obligation.In severe cases, as with bank loans, if the defaulting party cannot meet their payments, the bank can take them to court and may require them to sell assets or collateral to fulfill the** loan payments**. Therefore, it's vital for firms and individuals to understand their obligations when entering into any form of agreement or contract.
