A Term in a Contract That Can Reasonably Be Supplied

question 50

Multiple Choice

A term in a contract that can reasonably be supplied by the courts is referred to as a(n) ________.

• A) intent term
• B) unconditional term
• C) objective term
• D) implied term

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Definitions:

Compounded Annually

Refers to the process of calculating interest on both the initial principal and the accumulated interest from previous periods on an annual basis.

Lump Sum Payment

A single payment made at a particular time, as opposed to several smaller payments or installments.

Compounded Annually

A method of calculating interest where the interest earned over a period is added to the principal, and the total becomes the base for the calculation of the next period's interest.

Lump Sum Payment

A payment made in a single lump sum amount, often used in the context of paying off debts or settling transactions.