Refusal of a Tender of Performance by One Party to a Bilateral

question 6

Multiple Choice

Refusal of a tender of performance by one party to a bilateral contract will:

• A) be treated as a repudiation,excusing the tendering party from further duty of performance under the contract.
• B) not discharge either party from further duty of performance under the contract.
• C) be considered a condition subsequent.
• D) None of these.

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Definitions:

Cost of Goods Sold

The straight-out costs connected to generating the products a company sells, involving materials and labor force.

Selling and Administrative Expenses

the combined total of all costs associated with selling a company’s products and managing the company, excluding direct costs of producing goods or services.

Period Costs

Expenses that are not directly tied to product production and are recorded as expenses in the period in which they are incurred, such as selling and administrative expenses.

Value Chain

The full range of activities that businesses go through to bring a product or service from its conception to its end use by consumers.