Identify the Standard for Service Contracts,which Means That the Performing

question 31

Multiple Choice

Identify the standard for service contracts,which means that the performing party acted in good faith and conveyed enough benefit of the contract to the other party so that the other party can use it for its intended purpose and that the defects arising under the contract may be remedied by money damages.

• A)Personal satisfaction
• B)Substantial performance
• C)Reasonable person standard
• D)Complete performance
• E)Strict performance standard

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Definitions:

Primary Market

The financial market where new securities are issued and sold for the first time, often via initial public offerings (IPOs).

OTC Market

Over-The-Counter Market; a decentralized market where securities not listed on formal exchanges are traded directly between parties.

Sole Proprietorship

A company controlled and managed by one person, with the individual and the company being legally regarded as the same entity.

General Partnership

A type of business partnership where all partners share both profits and liabilities equally unless a different arrangement is agreed.