Examlex
If a corporation goes bankrupt,which of the following has first claim on the firm's assets?
Previous Valid Obligation
A duty or commitment that has been legally recognized and must be fulfilled as previously agreed or contracted.
Novation
The act of replacing an old obligation with a new one, thereby extinguishing the original obligation.
Consideration
In contract law, the benefit or value that each party agrees to give or receive as part of a legal agreement.
Satisfaction
The fulfillment of a need or desire; in a legal context, the discharge of an obligation or debt.
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