If Not Objected to by the Creditors,a Consumer Proposal Could

question 25

True/False

If not objected to by the creditors,a consumer proposal could enable someone with $50 000 in consumer debt to pay off $30 000 of it and have it removed from their credit bureau report.

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Definitions:

Gratuitous Promise

A promise for which no consideration is given; not legally binding unless put in a deed or supported by some form of consideration.

Electronic Contracts

Legal agreements formed, signed, or accepted electronically, without the use of paper or wet ink.

Unreasonable Terms

Contract terms that are deemed excessively unfair or one-sided in favor of one party, potentially leading to legal challenges.

Standard Form Contract

A pre-prepared contract where most terms are set in advance with little opportunity for negotiation by the signatory.