Where One Party Breaches a Contract, the Other Party Is

question 11

Multiple Choice

Where one party breaches a contract, the other party is under an obligation to 'mitigate' their loss.This means the other party:

• A)Is obliged to take all reasonable steps to minimise their loss.
• B)Has no duty to take any positive action to avoid future harm arising from the breach.
• C)Must provide the party in breach with all necessary records and information relevant to quantification of their loss and damage.
• D)Must do whatever is necessary to minimise loss arising from the breach.

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Definitions:

Explicit Fee

A clear and defined charge for a service or product that is not hidden or implicit.

Antipoverty Programs

Government or organizational initiatives designed to reduce or eliminate poverty by providing assistance to the needy through services or financial aid.

Public Good

A good or service provided at no cost to every person in a society, delivered by either state institutions or a nonprofit private individual or organization.

Government Intervention

Actions taken by a government to affect the economy, which can include regulations, subsidies, tariffs, and taxes.