Fill in the correct labels for the following figure using the word bank below.
-C ___________
Definitions:
Discharged Debt
Debt that has been forgiven or cancelled, legally releasing the debtor from the obligation to repay.
Late Charges
Fees imposed for not meeting the payment deadlines as stipulated in a contract or agreement.
Option Contract
A contract granting the holder the right, but not the obligation, to buy or sell an asset at a specified price within a set period.
Consideration
Something of value exchanged by parties that forms the basis of a contract, making it legally binding.
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