A Unilateral Contract Is Discharged by Performance When

question 19

Multiple Choice

A unilateral contract is discharged by performance when

• A)performance is genuinely attempted by both parties even if one party's performance is incomplete.
• B)a term of the contract specifies an event that must occur before the contract will proceed and that event does not occur.
• C)both parties attempt tender of performance.
• D)both parties perform all their obligations under the contract.
• E)an act of God occurs after the contract is entered into.

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Definitions:

Overdraft Privileges

A feature offered by banks allowing an account holder to withdraw more money than is currently available in their account, often for a fee.

Fee

A charge for services rendered or for access or admission to facilities or events.

Banks

Banks are financial institutions licensed to receive deposits and provide loans, along with offering various other financial services.

Bank Panics

A situation in which a large number of bank customers withdraw their deposits simultaneously due to fears that the bank will become insolvent.