Mort owes $10,000 to O, $20,000 to P, $20,000 to Q, and $50,000 to R. He is insolvent and has net assets of $50,000. O, P, Q, and R have agreed with Mort and each other to accept proportionate distributions in full satisfaction of the claims. Which is true?

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The agreement is a valid composition with creditors Stepbystep explanation Approach to ... View the full answer