The Obligation of a Cosigner Is Discharged By

question 43

Multiple Choice

The obligation of a cosigner is discharged by:

• A) the minority status of one of the parties.
• B) the majority status of one of the parties.
• C) the court's declaration of the contract's provision of necessaries.
• D) the payment of the debt.

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Definitions:

Tax Liability

The total amount of tax owed to a taxing authority by an individual, organization, or other entity.

Income

Consistent financial returns from professional activities or investments.

Average Tax Rate

The percentage of total income that is paid in taxes, indicating the proportion of an individual's income that is allocated towards taxes.

Taxable Income

The portion of an individual's or corporation's income that is subject to taxes by the government.