Forbearance Occurs When

question 41

Multiple Choice

Forbearance occurs when:

• A) a debtor and two or more creditors agree to accept a stated percentage of their liquidated claims against the debtor.
• B) someone promises not to file a legal suit in exchange for a promise to pay a certain sum of money or some other consideration.
• C) promises are worded in a way that allows the promisor to decide whether or not to perform the promise.
• D) there is no dispute about the existence or the amount of the debt.

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Definitions:

Competition

A situation where individuals or groups strive against one another to achieve a goal that cannot be shared, often leading to innovation and improved performance.

Dissension

Disagreement or conflict of opinion among a group of people, leading to discord.

Collaboration

The process of two or more people or organizations working together to complete a task or achieve a goal.

Courses Flourish

The expansion or significant growth of educational or training programs in various fields of study.