The Concept of a Constructive Obligation in Business Law Refers

question 48

Multiple Choice

The concept of a constructive obligation in business law refers to an obligation

• A)that may not be explicitly stated in the contract
• B)that may have been created through past practice
• C)that may be enforceable under common law
• D)All of these

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Definitions:

Gross Pay

The total earnings of an employee for a payroll period.

Discounted Note

A type of debt instrument that is sold for less than its face value and pays its face value at maturity, reflecting the discount as interest.

Face Value

The nominal or dollar value printed on a financial instrument, such as a bond or stock certificate, representing its value at issuance.

Take-Home Pay

Take-home pay is the amount of wages that an employee actually receives after all deductions, such as taxes and social security contributions, have been subtracted.