readymade credit company loans start-up enterprise, inc., $150,000 to invest in new equipment. if start-up fails to pay the loan within a specified period, readymade's recovery of the debt will be barred by

Respuesta :

If the loaned Start-up firm fails to pay the loan within a specified period, then, Readymade's recovery of the debt will neither be barred by the followings:

  • A statute of limitations
  • The preexisting duty rule
  • The doctrine of promissory estoppel

Therefore, the Option A is correct.

What does recovery of the debt entails?

Basically, a debt recovery means the process of making individuals or companies pay the sum that they owe to others when they have not paid back the debt at the agreed time

A statute of limitations, which defines the period during which a lawsuit can be brought in court, preexisting duty rule, which holds that that performance does not amount to good consideration to support a valid contract nor doctrine of promissory estoppel, which is an equitable doctrine evolved by equity to prevent injustice, will not barred Readymade recovery of debt.

Missing options "None of the choices A statute of limitations The preexisting duty rule The doctrine of promissory estoppel

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