Asked by Derek Lewis on Jun 13, 2024

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Discharge applies to the individual, not to the instrument, and a person's liability may be discharged with regard to one party but not to another.

Discharge

The release from a legal obligation, such as the fulfillment of a debt or contractual requirement.

Individual

A single human being distinct from a group, class, or family.

Instrument

An instrument is a legal document that formally records or grants a right, like contracts, wills, or deeds.

  • Ascertain the conditions that exempt a party from liability associated with a negotiable instrument.
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Verified Answer

CA
Cassandra AbarcaJun 19, 2024
Final Answer :
True
Explanation :
Discharge refers to the release of a party from their obligations under a contract or legal agreement. In the context of negotiable instruments, discharge can apply to the liability of an individual party without necessarily affecting the instrument itself or the obligations of other parties involved. Therefore, a person can be discharged from liability to one party while remaining liable to others.