An Arrangement Whereby the Terms and Conditions of a Debt

question 25

Multiple Choice

An arrangement whereby the terms and conditions of a debt are avoided or defeated is known as:

• A) defeasance.
• B) discounting.
• C) obligating.
• D) collateralising.

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Definitions:

Breach

The violation or non-fulfillment of a legal agreement, duty, or contract.

Identified Goods

Goods that are designated for a specific sale or contract, making them distinguishable from the seller's or manufacturer's other goods.

Remedy

A means of legal reparation or correction provided to a party who has suffered a loss or injury.

Commercial Reasonableness

The standard by which business actions are judged, based on what a reasonable person would consider fair and appropriate under the circumstances.