Making Any Material Modification in the Terms of a Debtor's

question 34

True/False

Making any material modification in the terms of a debtor's contract,without the consent of the surety,will not discharge the surety's obligation.

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Definitions:

Statement

A record or document summarizing financial transactions over a specified time period.

Accrued Expenses

Expenses that have been incurred but not yet paid or recorded in the accounts, representing liabilities for goods or services received.

Incurred

Describes expenses or liabilities that have been realized or consumed in the course of business operations.

Recorded

The process of making an official or formal documentation of a particular data or event in accounting or records.