Rough Water LLC and Schafer Enter into a Contract for the Delivery

question 43

Multiple Choice

Rough Water LLC and Schafer enter into a contract for the delivery of a used fishing boat. Until the boat is delivered and paid for, these parties have

• A) an executory contract.
• B) no contract.
• C) a quasi contract.
• D) an executed contract.

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Definitions:

Annual Annuity

A financial product providing a series of payments made at equal intervals over a set period, typically one year.

Bank Account

An account managed by a bank where the monetary transactions between the bank and its customers are documented.

Annual Raises

Increases in salary or wage that are given to employees on a yearly basis, often based on performance or inflation adjustments.

First Deposit

The initial amount of money placed into a financial account or investment.