Discharging a Contract by Executing a New Agreement with Performance

question 15

Multiple Choice

Discharging a contract by executing a new agreement with performance different from what was originally promised is

• A)a material breach.
• B)an accord and satisfaction.
• C)a novation.
• D)substantial performance.

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Definitions:

Output

The cumulative production of goods and services by an economy over a given time frame.

External Cost

Costs of a transaction or activity that affect people other than those directly involved in the transaction, often not reflected in the market prices.

Social Cost

The total cost to society of an action, including both private costs borne by individuals and external costs absorbed by others.

Gallon

A unit of volume for liquid measure equal to four quarts, used in the United States and the United Kingdom.