What Does Going Through the Process of Accord and Satisfaction

question 56

Multiple Choice

What does going through the process of accord and satisfaction do?

• A) It prevents a creditor from suing while the business is revising its business model.
• B) Contract terms with creditors are renegotiated, releasing the debtor from liability by settling the debt.
• C) It prevents creditors from filing for involuntary bankruptcy.
• D) It discharges debt.

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Definitions:

Ratify

To officially approve or confirm an agreement or treaty, making it formally valid.

Unauthorized Act

An action that is taken without official permission, approval, or authority.

Criminal Liability

The legal responsibility a person or entity has for committing an act that is considered a crime by law.

Employer

An individual or organization that hires and pays people to perform work or provide services.