A Material Breach of a Contract Occurs When a Party

question 39

True/False

A material breach of a contract occurs when a party renders inferior performance of his or her contractual obligations that impairs or destroys the essence of the contract.

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Definitions:

Rate Of Trade-off

The rate at which one factor must be decreased in order to increase another factor, commonly used in the context of opportunity cost.

Resources

Assets or inputs used in the production of goods and services, such as labor, capital, and natural resources.

Opportunity Cost

The loss incurred by rejecting the immediate best alternative when arriving at a decision.

Fix A Meal

The process of preparing and cooking a meal.