A Composition Is an Agreement by Creditors to Accept Less

question 41

True/False

A composition is an agreement by creditors to accept less than the full amount of the debt and to discharge the debtor from further liability.

---

Definitions:

Survival Chances

The probability or likelihood of living or continuing to exist under certain conditions or situations.

System Of Social Control

Mechanisms, both formal and informal, that regulate individual and group behavior in an attempt to conform to societal norms.

Norm System

The set of rules and standards shared by a group that guides and constrains the behavior of its members.

Cultural System

An organized collection of symbols, values, norms, and practices shared by a group, which guides behavior and influences social life.