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Assoli18 [71]
3 years ago
9

An agreement to settle a debt for less than the sum claimed is referred to as?

Business
1 answer:
fomenos3 years ago
7 0
<span>An agreement to settle a debt for less than is owed is called an Accord and Satisfaction. this is because the accord is the original debt, and the term for the re-structured settlement. The satisfaction is the actual payment of that debt. Therefore, accord and satisfaction could be re-written as new agreement and payment.</span>
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A. $800; $1100

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If a lender can afford to pay a maximum of $800 per month, advancing them a loan requiring payment of $1100 per month is putting a lot of financial strain on them. It is an example of predatory lending as it imposes an unfair burden on the borrower

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