One of the Changes in Contract Law Between the Nineteenth

question 60

Multiple Choice

One of the changes in contract law between the nineteenth century and the twentieth century is that in more recent times:

• A) contractual liability,once assumed,can rarely be escaped.
• B) contract damages are viewed more narrowly and equitable remedies are no longer available.
• C) privity of contract is required.
• D) intended third-party beneficiaries may sue in their own right.

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Definitions:

Property

Assets owned by an individual or business, encompassing real estate, personal property, and intellectual property rights.

Net Income

When revenue totals more than expenses, the result is net income.

Gross Profit

The difference between revenue and the cost of goods sold before accounting for other costs such as selling, administrative, and financial expenses.

Direct Expenses

Costs that can be directly attributed to the production of specific goods or services.