Where a Person Has a Contractual Obligation,he or She Has

question 98

True/False

Where a person has a contractual obligation,he or she has to perform the whole obligation before being entitled to enforce the contract.He or she cannot perform part of the obligation and then seek to enforce the contract.

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Definitions:

GIC

Guaranteed Investment Certificate, a Canadian investment that offers a guaranteed rate of return over a fixed period, typically without the risk of losing the principal invested.

Investor

An individual or entity that allocates capital with the expectation of receiving financial returns.

Nominal Interest Rate

The interest rate as stated on a loan or financial product, not taking into account inflation or fees.

Annual Compounding

The method of accruing interest on the main amount of a deposit or loan annually.