John Entered into a Contract with Miriam to Build Her

question 55

True/False

John entered into a contract with Miriam to build her a walnut dining room table for $1,000.A few days later,the price of walnut lumber increased 200%,which will result in John's incurring a $300 loss on the table.Due to the price increase,John is automatically excused from performance under the contract.

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Definitions:

Fair Trade

An organized movement that aims to help producers in developing countries achieve better trading conditions and promote sustainability.

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations and marked by significant events and battles across continents.

Japanese Industrialists

Business leaders and entrepreneurs in Japan who have significantly contributed to the development and growth of the country's industrial sector.

Economies Of Scale

Reductions in average total cost as output rises.