Canceling a Contract for a Technicality When Market Prices Are

question 3

True/False

Canceling a contract for a technicality when market prices are falling is considered a perfectly acceptable and ethical practice.

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Definitions:

Unexpected Event

An occurrence or situation that was not foreseen or anticipated and may significantly impact contracts or legal obligations.

Substantially Impaired

A term used to describe a significant reduction in the ability or function of something or someone.

Novation

The act of replacing an existing contract with a new one, where a different party assumes the rights and obligations of the original party.

Accord

An agreement in contract law where one party agrees to accept something different (often less) than what was initially agreed upon as satisfactory performance.