Final answer:
The document used when the seller extends credit to the buyer and the buyer received equitable title is called a credit agreement.
Step-by-step explanation:
The document used when the seller extends credit to the buyer and the buyer received equitable title is called a credit agreement.
A credit agreement outlines the terms and conditions of the credit transaction, including the amount of credit being extended, the interest rate, repayment terms, and any other applicable fees or conditions.
For example, when buying a car on credit, the buyer and seller sign a credit agreement that specifies the loan amount, monthly payment, and duration of the loan. This document is legally binding and protects the rights and obligations of both parties involved.