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:

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand.

Elasticity Coefficient

A measure that quantifies how a change in one economic variable, such as price, affects the quantity demanded or supplied of another variable.

Perfectly Inelastic

A situation in demand or supply in which the quantity demanded or supplied does not change regardless of changes in price.

Quantity Demanded

The specific amount of a good or service consumers are willing to purchase at a given price.