The Restatement and the Code Have Made the Traditional Test

question 51

True/False

The Restatement and the Code have made the traditional test of objective impossibility more stringent by requiring that the performance must be actually or literally impossible in order to excuse a party from contractual duties.

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Definitions:

Probability of Reliance

The likelihood that someone will depend on a particular piece of information or assertion in making a decision.

Advertised Price

The price of a product or service that has been publicly communicated to potential buyers through various marketing channels.

Reasonable Value

A fair market price or level of compensation that would be deemed equitable under normal circumstances.

Gratuitous Promise

A promise for which no consideration is given or required in return, often unenforceable without a deed or under specific legal conditions.