If a Debtor Specifies the Debt to Which a Payment

question 18

True/False

If a debtor specifies the debt to which a payment is to be applied and the creditor accepts the money, the creditor is bound to apply the money as specified; therefore, if a debtor specifies that a payment is to be made for a current purchase, the creditor may not apply the payment to an older balance.

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Definitions:

1947

A year notable for events such as the partition of India and Pakistan, and the beginning of the Cold War era.

UN General Assembly

A principal organ of the United Nations, comprising all member states, that deliberates on global issues and makes decisions on matters such as peace and security.

Formal Votes

Officially recorded votes typically taken in structured settings like legislative bodies, meetings, or elections to make decisions.

American Foreign Policy

The strategies and decisions made by the United States government regarding its relations and interactions with other countries and international entities.