Twyla's Dock Is Damaged in an Accident Caused by Ulric's

question 30

Multiple Choice

Twyla's dock is damaged in an accident caused by Ulric's negligence. Twyla agrees not to sue him if he will pay for the damage. If Ulric fails to pay, Twyla can bring an action for breach of contract. This is

• A) ​a covenant not to sue.
• B) ​an illusory promise.
• C) ​an unforeseen difficulty.
• D) ​a release.

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Definitions:

Service Cost

The portion of the cost of a pension or other post-employment benefit plan attributed to services rendered by employees in the current period.

Discounted Present Value

The process of determining the present value of a future amount of money or stream of cash flows given a specified rate of return.

Additional Year's Employment

The extension of an employee's service period by one year, often affecting benefits and pension calculations.

ERISA

The Employee Retirement Income Security Act of 1974, a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to protect individuals in these plans.