Final answer:
When parties dispute the amount of money owed, the debt is 'unliquidated,' meaning the exact sum is not determined and requires resolution.
Step-by-step explanation:
If the parties disagree about the amount of money owed, the debt is unliquidated. An unliquidated debt refers to a situation where the exact amount has not been determined or is in dispute, meaning the parties may need negotiation, mediation, or even court intervention to ascertain the specific amount due. On the other hand, a liquidated debt is one where the amount is known, fixed, agreed upon by the parties, or can be definitively ascertained by calculation or through an accepted formula. The term outstanding can apply to debts that are due but not yet paid, regardless of whether they are liquidated or unliquidated. Lastly, if a debt is paid, it means that it has been settled in full, and nothing is owed by the debtor to the creditor.