Author Question: Mark owes 2000 each to his business partners, Ryan, Bryan, and Clark. Since Mark is facing financial ... (Read 42 times)

nenivikky · **on:** Jun 24, 2018

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

Question 2

The parol evidence rule generally excludes words spoken before or at the time a written contract was executed from contradicting the terms of the contract.
Indicate whether the statement is true or false