Which of the Following Is False with Regard to Ending

question 110

Multiple Choice

Which of the following is false with regard to ending a contract by performance, agreement, or breach?

• A) A contract can be ended by breach only if there was a breach of condition, not a breach of warranty.
• B) A person has not legally tendered performance if he pays a $500 debt in 25-cent coins.
• C) If a person properly tenders performance of a service that is rejected by the other party, he is not required to try again.
• D) A contract ends by agreement when the parties include in the contract a "condition subsequent," i.e., a clause that says the contract will end upon the happening of a specified future event that then takes place.
• E) If one party to the contract has paid for a service, but now the other doesn't want to perform, the contract is ended by agreement as long as they both agree to call it off.

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Definitions:

Consumer Surplus

The difference between the maximum price consumers are willing to pay for a product and the actual market price they pay.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive due to market price.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell in the market.

Producer Surplus

The difference between the amount a producer is willing to accept for a product and the actual amount they receive in the market, indicating economic benefit.