The Effect of the Doctrine of Substantial Performance Is That

question 6

Multiple Choice

The effect of the doctrine of substantial performance is that

• A)where there is substantial performance,a court will entertain a suit for damages for breach of contract.
• B)a promisee cannot seize upon a trivial failure of performance to avoid his or her obligations under a contract.
• C)where there is substantial performance,a court will not entertain a suit for damages for breach of contract.
• D)the promisee who has substantially performed a contract is entitled to damages.
• E)the promisor who has substantially performed a contract is entitled to damages.

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Definitions:

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a set of guidelines and standards for financial reporting and accounting practices to ensure consistency and transparency.

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements globally.

Noncontrolling Interest

It refers to the ownership in a subsidiary not attributable to the parent company, representing a minority share that does not control the company.