A Promise by a Creditor to Accept Less Than Full

question 18

Multiple Choice

A promise by a creditor to accept less than full payment from a debtor is

• A)unenforceable because the creditor did not provide consideration.
• B)enforceable because the promisee accepts the offer.
• C)a bilateral contract.
• D)unenforceable because it is a gratuitous promise.
• E)enforceable because it gives rise to a contract.

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Definitions:

Account Management

A business process dedicated to the maintenance and growth of a company's relationships with its customers.

Sales and Service Effort

The combined activities focused on selling a product or service and providing after-sale support to ensure customer satisfaction and loyalty.

Information Collection

The process of gathering, measuring, and analyzing information or data from a variety of sources.

Account Management Policy Grid

A strategic framework used by businesses to categorize and manage customer accounts based on various factors such as size, potential, and risk.