If a Party's Principal Reason for a Contract Is Substantially

question 2

Multiple Choice

If a party's principal reason for a contract is substantially impaired without his fault by the occurrence of an unexpected event, that party's remaining duties to render performance are discharged due to the doctrine of:

• A) frustration of purpose
• B) subjective impossibility
• C) objective impossibility
• D) commercial impracticability

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Definitions:

Direct Taxes

Taxes levied directly on an individual's or organization's income or wealth, such as income tax or property tax.

Tax Revenue

The income that is gained by governments through taxation from individuals and businesses.

Federal Government

The national government of a federation, which holds authority over the political units constituting the federation, handling matters that affect the country as a whole.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating the percentage of additional income that is paid in taxes.