Part Payment of a Debt Can Cancel a Debt If

question 39

Short Answer

Part payment of a debt can cancel a debt if there is an honest dispute over the correct amount of the debt called a(n) ____________________ claim.

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Definitions:

Normal Goods

Goods for which demand increases as the income of the buyer increases, and vice versa.

Income Increase

A rise in the amount of money received, especially on a regular basis, through work or investments.

Substitute

A product or service that can be used in place of another to satisfy the same want or need.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at that price.