If a person owes several people money, that person can give each of the creditors part of the total amount owed. If this arrangement is agreed to by all creditors, it is called
A) a pledge.
B) promissory estoppel.
C) a composition of creditors.
D) past consideration.
Correct Answer:
Verified
Q20: A creditor's promise to accept less than
Q21: A creditor's agreement to accept part payment
Q22: Part payment of a liquidated claim
A) discharges
Q23: Past consideration
A) is synonymous with moral consideration.
B)
Q24: The Wurzer Corporation entered into a written
Q26: Part payment of a debt can cancel
Q27: Refraining from doing something you have a
Q28: When a debtor and a creditor are
Q29: Courts sometimes apply the doctrine of promissory
Q30: Martin sold his used car to Nixon
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