Dare Company Paid $5,000 to One of Its Creditors to Reduce

question 4

Short Answer

Dare Company paid $5,000 to one of its creditors to reduce the amount of the obligation.

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Definitions:

Express Warranty

An explicit promise made by a seller regarding the quality, condition, or performance of the goods being sold.

New England Seafood Chowder

A traditional creamy soup from the New England region made with seafood like clams and fish, potatoes, onions, and celery.

Lost Profits

Potential earnings or revenues that a business or individual did not realize due to an interruption, breach of contract, or other adverse events.

Breach of Contract

The violation of any of the agreed-upon terms and conditions of a binding contract without a legitimate legal excuse.