Bilateral Contracts Are Usually Made Up of Two Stages -

question 53

Multiple Choice

Bilateral contracts are usually made up of two stages - promises by both parties to perform and later,performance or fulfillment of the promises.When one of the parties to a bilateral contract does not receive the performance as promised

• A)a cause of action is recognized at law giving the promisee the right to sue for tort damages.
• B)a cause of action is recognized at law giving the promisee the right to sue for damages for breach of contract.
• C)no cause of action is recognized at law until the promisee satisfies the court that the damages have been mitigated.
• D)no cause of action is recognized at law until all possible criminal proceedings are disposed of.
• E)no action can be brought against any party for simply failing to fulfill its contractual promises.

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Definitions:

Net Taxes

The difference between the total taxes paid to government entities and any transfers or subsidies received, representing the actual tax burden.

Transfer Payments

Payments made by the government to individuals without any expectation of goods or services in return.

Shifting

The process of transferring a burden, such as tax from one entity to another, or changing the position of something.

Excise Taxes

Taxes imposed on specific goods, services, or transactions, often aimed at discouraging consumption of certain items or raising revenue.