Parties Can Be Discharged from an Obligation by a Discharge

question 15

True/False

Parties can be discharged from an obligation by a discharge of their debts in bankruptcy.

---

Definitions:

Economic Interest

A stake in the financial outcome of an enterprise or transaction, often motivating participation or investment in businesses.

Life Insurance Policy

A contract with an insurance company that, in exchange for premium payments, provides a lump-sum payment to beneficiaries upon the insured's death.

Material Misrepresentations

Deliberate falsehoods or omissions in a transaction or contract that significantly alter the truth or the facts upon which decisions are based.

Coverage

The extent to which insurance policies or plans provide protection against risks or financial losses.