Composition Agreements Are

question 39

Multiple Choice

Composition agreements are:

• A) made in a way that allows the promisor to decide whether or not to perform the promise.
• B) agreements between a debtor and two or more creditors who agree to accept a stated percentage of their liquidated claims against the debtor at or after the due date.
• C) agreements entered into when someone promises not to file a legal suit in exchange for a promise to pay a certain sum of money or some other consideration.
• D) generally treated as non-binding on the parties to the agreement because of the fact that doing so appears to be contrary to the general rule on liquidated debts.

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