21. A contract is not a time bound document. o True o False 22. It is not necessary to have at least two parties to make a contract. o True o False 23. Discharge of contract can come to an end through performance, breach, agreement, or frustration. o True o False 24. When the decision making is left in the hands of the disputing parties to work out for themselves is called mediation. o True o False 25. When a third party makes a binding decision in the matter under dispute is called arbitration. o True o False 26. When a neutral third party assists the parties in coming to a resolution on their own is called negotiation. o True o False 27. Debtor has the right to be notified of sale and to redeem the property before it is sold by the bank. o True o False 28. A guarantee is a contingent liability in which someone agrees to be responsible when a debtor fails to pay. o True o False o False 29. Chattels mean tangible and movable property. o True o False