Soft Law Refers to the Voluntarily Adopted Guidelines for Corporate

question 11

True/False

Soft law refers to the voluntarily adopted guidelines for corporate behavior derived from emerging norms and standards in international codes,declarations,and conventions.

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Definitions:

Automatic Stay

An automatic stay is a provision in bankruptcy law that halts all lawsuits, foreclosures, and collection activities against the debtor the moment a bankruptcy petition is filed.

Bankruptcy Petition

A formal request filed in court for declaring bankruptcy, initiating the legal process addressing the petitioner’s debts.

Dischargeable Debts

Debts that can be eliminated through bankruptcy proceedings, releasing the debtor from further obligation.

Bankruptcy Code

A federal code consisting of statutes governing the process of legal insolvency in the United States, designed to resolve cases of individuals or entities that can no longer meet their financial obligations.