Impossibility of Performance Applies When the Debtor Does Not Have

question 33

True/False

Impossibility of performance applies when the debtor does not have sufficient funds to pay a debt.

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Definitions:

Discharge by Performance

The termination of contractual obligations by fully executing the duties and responsibilities outlined in the contract.

Contractual Duty

A legal obligation in a contract requiring a party to act or not act in a certain way.

Statute of Limitations

A statute that establishes the deadline by which legal cases must be filed after an incident occurs.

Discharge

The release or elimination of an obligation, such as a debt, under the law.