If a person accepts a lesser sum of money than what was contracted for, in the discharge of the whole debt, it is known as

Name: If a person accepts a lesser sum of money than what was contracted for, in the discharge of the whole debt, it is known as
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A remission refers to the act of forgiving or absolving someone from a debt or obligation, in this context, accepting a lesser sum of money than what was originally contracted for in full settlement of the debt.

If a Person Accepts a Lesser Sum of Money Than