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Overwhelmed by his debt,Jaime decided that he would file for Chapter 7 bankruptcy the following month.Fifteen days before he filed,Jaime took out a $3,000 cash advance on one of his credit cards,and used the money to purchase and install a hot tub in his bathroom.Jaime believed that he would be able to discharge the debt for the hot tub when he went through the bankruptcy proceeding.Was he correct in his belief? Why or why not?
Accord
An agreement in contract law where one party agrees to accept something different (often less) than what was initially agreed upon as satisfactory performance.
Satisfaction
The fulfilment of a requirement, obligation, or the to fulfillment of a condition stipulated in a contract.
Deviated Specifications
Instances where the actual specifications of a product or service differ from the initially agreed or standard specifications.
Contract Price
Contract price is the total financial cost agreed upon by all parties for the execution of the terms of a contract.
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