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Which of the following most completely and accurately describes default? Group of answer choices When the firm, upon bankruptcy, ceases to exist and a new

Which of the following most completely and accurately describes default?

Group of answer choices

When the firm, upon bankruptcy, ceases to exist and a new entity is created in its place upon

When a borrower violates the contract of a loan

When a borrower seeks legal protection from creditors that were not paid on time

When a borrower does not make a payment on time

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