XYZ Company,a Distributor of Auto Parts,is in Debt to the Bank

question 110

Multiple Choice

XYZ Company,a distributor of auto parts,is in debt to the bank for $35 000 due on February 25.The company is having difficult times and wants to negotiate with the bank to pay only $33 000 as payment in full.With these facts in mind,which of the following statements of the law is true?

• A)If the bank agrees to accept the $33 000 as payment in full if paid early,by February 15,and the company does as requested,the bank could later sue for the remainder because the company gave good consideration for the bank's forgiveness of the debt.
• B)Even if the bank takes the $33 000,the bank can still sue for the entire amount plus punitive damages.
• C)If the company obtained from the bank the bank's promise to forgive the $2000 under seal,the bank could later sue for the remainder.
• D)A statutory provision provides that the creditor who accepts less than full payment as payment in full cannot later sue for the remainder.
• E)At common law,if the bank accepted the $33 000 as payment in full,even absent additional consideration,it could not later sue for the remainder because such promises are always binding.

Acknowledge the importance of correlation in the prediction process and error estimation.

Distinguish between dependent, independent, criterion, and predicted variables in the context of regression.

Understand the conditions under which variables in a multiple regression should be related or independent.

Understand the basic concepts of linear regression.

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Definitions:

African Americans

Individuals in the United States with ancestry from the black racial groups of Africa.

Feminists

Advocates or supporters of the rights and equality of women in political, economic, and social spheres.

Structural-functionalism

A theory within sociology that perceives society as a complicated system in which its components function in unison to foster unity and steadiness.

Order

An arrangement or sequence of things or events, or the command, direction, or instruction given by an authority.