Partial Payment of a Debt May or May Not Be

question 29

True/False

Partial payment of a debt may or may not be valid consideration,depending on whether the debt is liquidated or unliquidated.

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Definitions:

Equilibrium Price

The market price at which the quantity of a good demanded equals the quantity supplied, leading to no excess supply or shortage.

Abolished

Refers to formally putting an end to a system, practice, or institution.

Government Involvement

Refers to the activities and interventions by the government in the market to regulate or support economic operations and social policies.

Wages

Wages refer to the fixed regular payment, typically calculated on a hourly, daily, or piecework basis, made by an employer to an employee.