Asked by
Jemini Green
on Nov 21, 2024
Verified
Was Timmy's debt to Joe liquidated or unliquidated debt after Timmy bought the car and subsequently decided it was worth less than what he had borrowed to pay for it?
A) Liquidated debt, because there was no dispute that he owed money or how much.
B) Liquidated debt, because the debt was not supported by consideration.
C) Unliquidated debt, because there was a dispute over how much was owed.
D) Unliquidated debt, because there was disagreement about the car's value.
E) Unliquidated debt, because the debtor offered different performance.
Liquidated Debt
A debt where the amount owed is known and determined, not subject to future conditions.
Unliquidated Debt
A debt that has not been determined or calculated because the exact amount owed may not be known.
Consideration
The value (monetary, goods, services, promise) that is given by both parties in a contract, making the agreement legally binding.
- Grasp the essential judicial notions critical for adjudicating disagreements concerning debt repayments, particularly discerning between fixed and unfixed debts, as well as compromise and resolution.
Verified Answer
DC
Learning Objectives
- Grasp the essential judicial notions critical for adjudicating disagreements concerning debt repayments, particularly discerning between fixed and unfixed debts, as well as compromise and resolution.