Briggs sells his personal business to Bye Sports Equipment who agrees to assume all the outstanding debt. One of the creditors refused to agree to this arrangement. How will this affect the contract of sale?
A) Once the sale has transpired, the liability of Briggs will be fully discharged.
B) This occurrence will have no affect on the sale of the business.
C) The contract of sale cannot take place.
D) Briggs will retain liability on the debt in question.
E) This holdout creditor will have to be persuaded to join the others.
Correct Answer:
Verified
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