Performance of an Accord Discharges an Original Contractual Obligation

question 13

True/False

Performance of an accord discharges an original contractual obligation.

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Definitions:

Consumer Goods

Products and commodities that are bought and used by individuals or households for personal use.

Chapter 7

A provision of the U.S. Bankruptcy Code that deals with liquidation, where a debtor's non-exempt assets are sold to pay creditors.

Liquidation

The process of closing a business and distributing its assets to claimants, often during bankruptcy.

Voluntary

Done, given, or acting of one's own free will without coercion or obligation.