Mark owes $2000 each to his business partners, Ryan, Bryan, and Clark. Since Mark is facing financial difficulties, his business partners agree to accept a total amount of $4800 from Mark as a cancellation of the unpaid balance due to them. This type of an agreement is known as a .
A) composition of creditors
B) writ of certiorari
C) forbearance
D) promissory estoppel
Correct Answer:
Verified
Q6: Which of the following is true of
Q7: A promise to steal a valuable piece
Q8: When one refrains or promises to refrain
Q9: For a promise to constitute consideration, the
Q10: As a general rule, a promise must
Q12: Consideration is not necessary to support an
Q13: Consideration distinguishes mere agreements from legally enforceable
Q14: As a general rule, the adequacy of
Q15: When parties to a contract mutually agree
Q16: As a general rule, a promise must
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents