Adjustments of Debts by Persons with Regular Incomes Is Governed

question 35

Multiple Choice

Adjustments of debts by persons with regular incomes is governed by which of the following?

• A) Chapter 7 of the Bankruptcy Code
• B) Chapter 11 of the Bankruptcy Code
• C) Chapter 13 of the Bankruptcy Code
• D) None of these choices is correct.

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Definitions:

UCC

A collection of legal guidelines known as the Uniform Commercial Code is designed to regulate commercial activities across the United States.

Counteroffer

An offer made by an offeree to the offeror that relates to the same matter as the original offer but proposes a substituted bargain that differs from the one proposed in the original offer.

Statute Of Frauds

A legal doctrine requiring certain types of contracts to be written and signed in order to be enforceable.

Partial Performance

An exception to the statute of frauds in which the performance of portions of an unwritten agreement by one or both parties can constitute proof that an oral contract exists between the parties.