Which of the Following Is Characteristic of Contract Law During

question 9

Multiple Choice

Which of the following is characteristic of contract law during the twentieth century compared with contract law in the nineteenth century?

• A) Privity of contract gained in importance.
• B) Many of the formalities of contract formation were relaxed.
• C) Contract liability is absolute and escape from liability,once assumed,is rare.
• D) There is a narrower view of contract damages.

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Definitions:

Depreciation Expense

The allocation of the cost of tangible assets over their useful lives as an expense to reflect their usage and wear and tear.

Stock Dividend

Additional shares are issued to shareholders by a corporation as a payment, rather than giving out cash.

Par Value Common Stock

The nominal or face value assigned to common stock shares in the corporation's charter, not necessarily reflecting their market value.

Stockholders' Equity

The residual interest in the assets of a corporation after deducting its liabilities; also known as shareholders' equity.