When One Party to a Contract Fails to Perform as Promised,it

question 7

Multiple Choice

When one party to a contract fails to perform as promised,it is called

• A)litigation.
• B)breach.
• C)liquidated damages.
• D)bad faith.

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Definitions:

Unfair Trade Practices

Business activities deemed unjust, deceptive, or fraudulent that can affect fair competition in the market.

Self-Sufficiency

The ability of an individual or economy to meet all its needs without external assistance.

Balance of Trade

The variance between what a country spends on imports and earns from exports during a certain timeframe.

Economic Revival

A period of growing business activity signaling the end of a recession or economic downturn, often characterized by increases in employment, consumer spending, and investment.