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Asked by Ashreet Dhiman on May 12, 2024

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A bankrupt individual is required by law to repay all of her debts to creditors with an irrevocable offer of reaffirmation.

Irrevocable Offer

A rule that no consideration is necessary when a merchant agrees in writing to hold an offer open for the sale of goods. Also called firm offer.

Reaffirmation

A legal agreement to continue paying a dischargeable debt after bankruptcy, often to retain collateral or maintain a relationship with the creditor.

  • Acknowledge the legal ramifications of promissory estoppel in the context of agreements devoid of consideration.
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Fiorina CarlyMay 17, 2024
Final Answer :
False
Explanation :
Under bankruptcy law, individuals are not required to repay all of their debts. Additionally, reaffirmation is a voluntary agreement between a debtor and creditor to continue paying a debt that would otherwise be discharged in bankruptcy. It is not an irrevocable offer.

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