BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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not paid legally.
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not binding legally.
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settled legally.
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partially settled.
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Detailed explanation-1: -Default by the Debtors Default in payment of debt requires legal action by the Creditor.
Detailed explanation-2: -Any of the above can legally lend and borrow funds. In business, a creditor-debtor relationship is defined by a debt agreement (or contract) which explicitly states the legal obligations, responsibilities and binding rights of both parties.
Detailed explanation-3: -Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor.
Detailed explanation-4: -1096 entitles the creditor to compel the debtor to make delivery or, if the thing is indeterminate or generic, to demand specific performance at the debtor’s expense. Art. 1098 provides that if the obligor does not do something that is was obliged to do then, it shall be enforced at its own expense.