Substantial Performance Occurs ________

question 14

Multiple Choice

Substantial performance occurs ________

• A) when most of the material elements of a contract are satisfied
• B) when all the material elements of a contract are satisfied, even if some nonmaterial requirements may not be satisfied
• C) when there is complete and perfect performance
• D) when the goods are accepted by the buyer/lessee
• E) once the seller/lessor starts to perform

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Definitions:

Raw Materials

Basic materials that are used in the initial stages of production and manufacturing processes.

Invoice

Bill for goods or services provided by the seller to the purchaser.

Bill

A short-term debt instrument issued by a government as a means of borrowing money with a maturity of less than a year.

Goods

Physical items that are produced, bought, or sold with the aim to satisfy the wants or needs of consumers.