Conditions in Contracts

question 42

Multiple Choice

Conditions in contracts:

• A) should not be created orally.
• B) can be created only by using special words.
• C) can be impliedly created.
• D) should always occur concurrently.

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Definitions:

Bankruptcy Relief

Legal procedures designed to provide individuals or businesses facing financial distress with relief from some or all of their debts.

Liquidation Order

A legal decree that mandates the dissolution of a company and the sale of its assets to pay off creditors.

Discharge Of Debt

The process of formally relieving a debtor from being legally obligated to pay a debt or obligation.

Chapter 7

A provision under the U.S. Bankruptcy Code that deals with liquidation, where an individual's or company's assets are sold to pay off debts.