Satisfactory Performance

question 13

Multiple Choice

Satisfactory performance:

• A)is either an express or implied condition of every contract.
• B)exists when parties fully accomplish every term,condition,and promise to which they agreed.
• C)exists when a party executes all the terms,except minor details that do not affect the contract's real intent.
• D)terminates an agreement,freeing the parties of any further obligation or liability.

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Definitions:

Equilibrium Price

The price at which the quantity of a product or service demanded by consumers matches the quantity supplied by producers, leading to a balance in the market.

Equilibrium Quantity

The amount of products or services that are available and sought after at the market's balance price.

Interest Rate

The percent of principal charged by the lender for the use of its money or the rate earned on deposits.

Loanable Funds

The funds available for borrowing in the financial markets, derived from the savings of individuals and institutions.