Adrian Operates a Recycled Metals Business and Contracts to Provide

question 37

Multiple Choice

Adrian operates a recycled metals business and contracts to provide ten tons of scrap steel at $500 per ton to be delivered to Build-It-Rite Materials Inc. in seven months. An unforeseen shortage of scrap steel suddenly develops, making it impossible for Adrian to fulfill the contract for less than $5,000 per ton. Adrian's best defense against performing the contract would be that

• A)performance of the contract is commercially impracticable.
• B)procuring the steel would force the seller into bankruptcy.
• C)the law has rendered performance of the contract illegal.
• D)the specific subject matter of the contract has been destroyed.

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Definitions:

Corporate Strategy

The overarching plan or direction a corporation takes to achieve its goals and maximize value for its stakeholders.

Industries

Refers to the various categories of economic activity that are characterized by distinct types of business operations, such as manufacturing, technology, health care, and finance.

Markets

These are venues or systems where buyers and sellers interact to exchange goods, services, or financial instruments, often determining prices through supply and demand.

Operating Objectives

Specific, short-term targets set by a business or organization to ensure effective day-to-day operations and progress towards its broader goals.