Communication Addressed to the Debtor Requesting Him or Her to Confirm

question 92

Multiple Choice

Communication addressed to the debtor requesting him or her to confirm whether the balance as stated on the communication is correct or incorrect is a:

• A) bank confirmation.
• B) positive confirmation.
• C) negative confirmation.
• D) management letter.

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Definitions:

Nondisclosure Agreement

A legal contract between parties to keep certain shared information confidential.

Contractual Capacity

This term refers to the ability of a party to legally enter into a contract, often requiring them to be of a certain age and have a sound mind.

Objective Impossibility

Objective impossibility occurs when it is not feasible to perform an act or fulfill a contract due to external factors, rendering the act or contract physically or legally impossible to complete.

Commercial Impracticability

A doctrine in contract law allowing parties to be discharged from their obligations when unforeseen events greatly increase the difficulty of performance.