An Express Repudiation Only Occurs When One Party to a Contract

question 63

True/False

An express repudiation only occurs when one party to a contract actually tells the other party that it refuses to perform its obligations under the contract.

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Definitions:

365-Day Year

A method used in various financial calculations that assumes a year consists of exactly 365 days.

Maturity Value

The total amount payable to the holder of a financial instrument at its maturity date, including principal and any accrued interest.

360-Day Year

An accounting convention that simplifies interest calculation by assuming all months have 30 days.

Maturity Date

The date on which the principal amount of a loan, bond, or other financial instrument becomes due and payable.