The Party to Whom a Contractual Duty of Performance Is

question 65

Multiple Choice

The party to whom a contractual duty of performance is owed is known as the:

• A) obligee.
• B) obligor.
• C) assignee.
• D) assignor.

---

Definitions:

Average Tax Rate

The ratio of the total amount of taxes paid to the total tax base (income, spending, etc.), indicating the percentage of total income or spending that is paid in taxes.

Marginal Tax Rate

The marginal tax rate is the rate at which the last dollar of income is taxed, reflecting the proportion of additional income that is paid in taxes.

Progressive Tax

A tax system where the tax rate increases as the taxable amount or income goes up, making it proportionately higher for wealthier individuals or entities.

Individual Income

The total earnings received by an individual from all sources, including wages, investments, and other forms of compensation.