Wealth Differs from Income Because

question 21

Multiple Choice

Wealth differs from income because

• A)income is a stock and wealth is a flow.
• B)wealth is derived from income.
• C)income is what you earn and wealth is what you own.
• D)income is what you own and wealth is what you earn.
• E)wealth is preferable to income.

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Definitions:

Implied Conditions

Terms and stipulations that, although not expressly stated, are understood to be part of a contract based on the nature of the transaction.

Complete Performance

Contract performance that occurs when all aspects of the parties’ duties under the contract are carried out perfectly.

Substantial Performance

Refers to a situation where a party has completed most of a contract's terms, fulfilling enough of the contract to warrant payment, though some minor elements may still be needed.

Complete Performance

Complete Performance refers to the full and exact execution of all terms and obligations as outlined in a contract or agreement, leaving no duties unfulfilled.