bls 4 - Liquidationandunliquidateddebts

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Liquidation and unliquidated debts When you owe money and there is no dispute as to the amount that’s owed Liquidated debt – liable to the full amount; partial payment tendered as full payment will  not discharge the remainder of the debt Unliquidated debt – a good faith dispute as to the debt that’s owed; partial payment  tendered as full payment will discharge the remainder of the debt (unless there’s a  condition, only applies to the sale of goods), “8 pairs of slacks and 2 missing a leg  example” Output or requirements contract Are valid, enforceable contracts even though the quantity is not stated Requirements contract (mutually binding) - “Heat your house with fuel oil, want to find a  company to supply it to you for the winter; don’t know how much you’ll need, but still is a  binding contract” Output contract – “agree to buy all of a company’s output for a set amount of time,” don’t 
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This note was uploaded on 12/10/2011 for the course BLS 342 taught by Professor Miller during the Fall '08 term at Miami University.

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