Jennifer Substantially Performs Her Service Contract with Gretchen

question 45

Multiple Choice

Jennifer substantially performs her service contract with Gretchen.Due to Jennifer's failure to render complete performance,Gretchen

• A)is discharged from any further contractual obligations.
• B)is required to pay the full contract price, minus the value of Jennifer's defective performance.
• C)is required to pay the full contract price.
• D)may declare a material breach and pay only for the value received.

---

Definitions:

Kinked Demand Curve

A theory in economics that suggests that prices in a monopolistic competition scenario may remain stable because competitors will match price decreases but not price increases.

Price

The amount of money expected, required, or given in exchange for something.

Kinked Demand

A demand curve that has a distinct bend or "kink," often used to describe oligopolistic markets where firms face different elasticities for price increases versus price decreases.

Oligopolistic Competition

A market structure in which a few firms dominate. Each firm is aware of the actions of others and may engage in strategic decision making.