EssentialsOFBusLaw_chapter11

Question 1

Accord and satisfaction

Answer 1

A completed agreement to settle a debt for less than the sum claimed.

Question 2

Liquidated debt

Answer 2

A debt in which there is no dispute about the amount owed.

Question 3

Promisee

Answer 3

The person to whom a promise is made.

Question 4

Promisor

Answer 4

The person who makes a promise.

Question 5

Unliquidated debt

Answer 5

A debt that is disputed because the parties disagree over its existence or amount.