One of the Changes in Contract Law Between the Nineteenth

question 60

Multiple Choice

One of the changes in contract law between the nineteenth century and the twentieth century is that in more recent times:

• A) contractual liability,once assumed,can rarely be escaped.
• B) contract damages are viewed more narrowly and equitable remedies are no longer available.
• C) privity of contract is required.
• D) intended third-party beneficiaries may sue in their own right.

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Definitions:

Interest Earned

The income received from investing in interest-bearing financial instruments, such as bonds, loans, or savings accounts.

Balance Sheet

An accounting record that presents the total value of a corporation's assets, its obligations, and the equity belonging to shareholders, reflecting the company’s financial state at a specific time.

Prepaid Expense

An expense that has been paid in advance and is considered an asset until it is actually used or consumed.

Rental Payments

Rental payments are periodic payments made by a lessee to a lessor for the use of a property, equipment, or vehicle.