Which of the Following Statements Is TRUE

question 58

Multiple Choice

Which of the following statements is TRUE?

• A) Limitation periods exist because it is undesirable for courts to rely upon evidence that is old and perhaps unreliable.
• B) Because of its effect upon the parties, bankruptcy always leads to frustration of a contract.
• C) The doctrine of waiver may apply in connection with a condition, but not a warranty or an innominate term.
• D) The doctrine of frustration applies only if the circumstances have changed so that performance, as originally intended, has become impossible.
• E) Bankruptcy always discharges a person from performing a contractual obligation.

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Definitions:

Productivity

A measure of the efficiency with which goods and services are produced, often quantified as output per unit of input.

Economic Profits

The surplus after a firm subtracts its total costs from its total revenue, considering both explicit and implicit costs.

Consumer Desire

The inclination or preference of consumers towards specific goods, services, or experiences, driven by individual needs and wants.

Economic Efficiency

A situation where resources are allocated in the most effective way possible to meet an economy's needs and wants.