46. S1. Contracts are binding and effective only between the parties, their heirs and assigns. S2. Thus, an heir of a debtor is liable to the creditor for the full amount of the obligation. A. True, True B. True, False C. False, True D. False, False

46. S1. Contracts are binding and effective only between the parties, their heirs and assigns. S2. Thus, an heir of a debtor is liable to the creditor for the full amount of the obligation. A. True, True B. True, False C. False, True D. False, False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

46. S1. Contracts are binding and effective only between the parties, their heirs and assigns. S2. Thus, an heir of a debtor is liable to the creditor for the full amount of the obligation.

A. True, True

B. True, False

C. False, True

D. False, False

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