Multiple Choice
Mark owes $2000 each to his business partners, Ryan, Bryan, and Clark. Since Mark is facing financial difficulties, his business partners agree to accept a total amount of $4800 from Mark as a cancellation of the unpaid balance due to them. This type of an agreement is known as a .
A) composition of creditors
B) writ of certiorari
C) forbearance
D) promissory estoppel
Correct Answer:
Verified
Correct Answer:
Verified
Q10: Which of the following constitutes valid consideration?<br>A)A
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Q12: When parties to a contract mutually agree
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Q14: Which of the following is true of
Q15: For a promise to constitute consideration, the
Q16: Only financial items can constitute consideration.
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