A client has joined other creditors of Jet Company in a composition agreement seeking to avoid a bankruptcy proceeding against Jet. Which statement describes the composition agreement?

a. It provides for the appointment of a receiver to take over and operate the debtor’s business.

b. It must be approved by all creditors.

c. It provides that the creditors will receive less than the full amount of their claims.

d. It provides a temporary delay, not to exceed six months, in the debtor’s obligation to repay the debts included in the composition.