Payment to a Creditor Is an Example of a Nonexchange

question 8

True/False

Payment to a creditor is an example of a nonexchange business transaction.

---

Definitions:

Doctrine of Estoppel

A legal principle that prevents a person from asserting something contrary to what is implied by a previous action or statement by them, or by a previous relevant judicial determination.

Expressly Bind

To clearly, explicitly, or directly impose a legal obligation or duty.

Principal's Identity

Refers to the clear disclosure or acknowledgment of the principal party in an agency relationship.

Actual Express Authority

The specific powers explicitly granted by one party to another, typically in a principal-agent relationship, where the agent is empowered to act on the principal's behalf.