What effect does bankruptcy have on a contract?
A) The bankrupt's contractual liabilities are transferred to a trustee and all obligations both past and future are discharged.
B) The bankrupt's contractual liabilities are transferred to a trustee and the bankrupt is no longer required to perform their contractual obligations.
C) The bankrupt's rights,but not their obligations,are transferred to a trustee.
D) The bankrupt is in breach and the contract comes to an end.
Correct Answer:
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