If the Debtor Has Twelve (12) or More Creditors, an Involuntary

question 42

True/False

If the debtor has twelve (12) or more creditors, an involuntary petition to declare him bankrupt must be signed by at least five (5) creditors.

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Definitions:

Contract Law

The branch of law dealing with the formation, performance, and enforcement of agreements between parties.

Consideration

Something of value exchanged between parties in a contract, making the agreement legal and binding.

Bargained-For Exchange

An element of contracts where both parties agree to provide something of value to the other.

Negotiation of Contracts

The process of discussing terms and details between parties in order to reach a mutual agreement before finalizing a contract.