A Statement Releasing One of the Parties to an Agreement

question 57

Multiple Choice

A statement releasing one of the parties to an agreement from all liability,regardless of who is at fault or what the injury suffered is,would be referred to as a[n] ________ agreement.

• A)Substantive
• B)Adhesion
• C)Exculpatory
• D)In pari delicto
• E)Res Ipsa

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Definitions:

Allowed Claim

A creditor's claim that is approved by a bankruptcy court for payment from the bankruptcy estate.

Art Collection

The accumulation of works of art by an individual or institution, typically considered a form of investment or cultural accumulation.

Bankruptcy Act

Legislation governing the process by which individuals or entities unable to meet their financial obligations can seek relief from some or all of their debts.

Adjustment of Debts

A legal process that allows individuals or organizations to reorganize their debts to manage and pay them off.