If There Has Been a Dismissal of a Bankruptcy Case

question 34

True/False

If there has been a dismissal of a bankruptcy case, the debtors and creditors have same rights and remedies as they had prior to the case being commenced.

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Definitions:

Statute of Frauds

A legal doctrine requiring certain contracts to be in writing and signed by the parties involved to be enforceable.

Lifetime Employment

A practice, often associated with Japanese companies, where employees are hired with an understanding or expectation of employment security until retirement.

Performance

The act of fulfilling the duties or requirements specified in a contract or agreement.

Incidental Beneficiary

A third party who might receive a benefit from a contract between two other parties, although the contract is not primarily intended for the benefit of the third party.