Which of the Following Is True for an Accord

question 13

Multiple Choice

Which of the following is true for an accord?

• A)The accord terminates the original contract.
• B)The nonbreaching party cannot enforce the original contract if the accord is not satisfied.
• C)It is enforceable even though no new consideration is given.
• D)An accord is only reached when both parties of the contract fail to meet their contractual obligations.

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Definitions:

Short-Run Aggregate Supply Curve

A graphical representation showing how the total production of goods and services in an economy varies with changes in the price level in the short term.

Actual Price Level

The current index of prices for goods and services in an economy, reflecting the purchasing power of money at a specific point in time.

Long Run

A period in economics in which all factors of production and costs are variable, allowing full adjustment to changes.

Real Wages

Wages adjusted for inflation, representing the purchasing power of income earned through work.