Al Contracted to Sell His House to Bev

question 1

Multiple Choice

Al contracted to sell his house to Bev.Subsequently,they both changed their minds and decided to cancel the contract.The contract between Al and Bev is discharged by

• A)full performance.
• B)agreement.
• C)accord and satisfaction.
• D)novation.

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Definitions:

Compounded Quarterly

Interest calculation method where the interest earned is added to the principal every quarter, increasing the amount on which subsequent interest is calculated.

Small Claims Court

A court that deals with minor legal disputes involving small monetary amounts.

Compounded Monthly

This is the calculation of interest on an investment or savings where the interest earned each month is added to the principal, thereby increasing the amount on which future interest is calculated.

Fair Rate

A reasonable, equitable interest rate or charge for a loan or service, ensuring fairness to both the provider and the consumer.