_____ Is a Standard of Performance in a Contract That

question 96

Multiple Choice

_____ is a standard of performance in a contract that requires perfect performance.

• A)Strict performance
• B)Performance to the standard of personal satisfaction
• C)The reasonable person standard
• D)Substantial performance
• E)Tender of performance

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Definitions:

Constructive Notice

A legal fiction that signifies a person or entity should have known, as a reasonable person would have, even if they have no actual knowledge of it.

Apparent Authority

A principle that allows a third party to assume an agent has the authorization to act on behalf of a principal, even if such authority has not been granted.

Constructive Notice

A legal concept assuming that a person or entity is aware of facts by virtue of the information being publicly available, regardless of whether they have actually reviewed the information.

Contractual Liability

Liability that arises from entering into a contract, where one party may be obligated to compensate another party for the failure to perform as specified in the contract.