Poole Contractors Makes a Contract with Delta Resources to Pay

question 25

Multiple Choice

Poole Contractors makes a contract with Delta Resources to pay $50, 000 for the supply of 500 truckloads of sand within next week.Delta Resources delivers the sand in two days after the contract was made.Poole Contractors pays the $50, 000 promised in the contract.This is an instance of ________.

• A)substantial performance
• B)material breach
• C)minor breach
• D)strict performance

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Definitions:

CPA

Certified Public Accountant; a professional designation for accountants who have passed a licensing examination in accounting.

Obvious Error

A mistake made during a transaction or contractual agreement that is clear and undeniable to all parties involved.

Third Party Beneficiary

An individual or entity that is not a direct party to a contract but stands to benefit from its execution or enforcement.

Certification

The process of verifying the authenticity, quality, or qualifications of something or someone through a formal statement or document.