To Be Part of the Supply for a Good, a Producer

question 42

Multiple Choice

To be part of the supply for a good, a producer must be

• A) both able and willing to supply the good.
• B) both able and willing to supply the good, and have already sold the good.
• C) only willing to supply the good.
• D) only able to supply the good.
• E) both able and willing to supply the good, and have already identified a buyer.

---

Definitions:

Specific Performance

A legal remedy requiring a party to fulfill their obligations under a contract, typically used when monetary damages are inadequate compensation.

Condition Precedent

An event or condition that must occur before a party is obligated to perform under a contract.

Condition Subsequent

A condition in a contract that, if it occurs, terminates the party's obligation or alters the terms of the agreement.

Rescission

Rescission is the legal act of unmaking or terminating a contract, returning the parties involved to their positions prior to the contract's existence.