Canceling the original loan and signing a new loan agreement with different terms to settle troubled debts is called what? a) Prolongation b )Settlement c) Nullification d) Continuation with modification of debt terms

Canceling the original loan and signing a new loan agreement with different terms to settle troubled debts is called what? a) Prolongation b )Settlement c) Nullification d) Continuation with modification of debt terms

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 3DQ

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Question

Canceling the original loan and signing a new loan agreement with different terms to settle troubled debts is called what?

a) Prolongation

b )Settlement

c) Nullification

d) Continuation with modification of debt terms

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