Which of the Following Statements Concerning Reaffirmation Agreements Is True

question 21

Multiple Choice

Which of the following statements concerning reaffirmation agreements is true?

• A) Reaffirmation agreements are unlawful under the Bankruptcy Act.
• B) Reaffirmation agreements must be made before a discharge in bankruptcy is granted.
• C) A debtor cannot voluntarily pay any dischargeable obligation without entering into a reaffirmation agreement.
• D) Reaffirmation agreements cannot be rescinded prior to discharge or within 60 days after filing with the court.

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Definitions:

Buying Price

The cost at which an individual or organization is able to purchase a good, service, or asset.

Oligopsony

Market with only a few buyers.

Buying Price

The price at which a good or service is purchased by a consumer or another business.

Marginal Value Curve

The marginal value curve represents how the value of the last unit consumed (marginal value) changes as the quantity consumed increases.