Under the CISG,if Prior to the Date for Performance of the Sales

question 45

True/False

Under the CISG,if prior to the date for performance of the sales contract it is clear that one of the parties will commit a fundamental breach,the other party may declare the contract avoided.

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Definitions:

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive, usually measured above the supply curve up to the price level.

Price Ceiling

A legally established maximum price for a good or service, beyond which it cannot be sold.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gained utility.

Supply Shift

A change in the quantity of a product or service that producers are willing and able to sell at all prices, due to factors like technology, production costs, or number of sellers.