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:

Partner Bonus

A financial incentive provided to a partner within a business, often based on the firm's profitability, individual performance, or both.

Fair Market Value

The price that property would sell for on the open market, between willing buyers and sellers under no pressure to act.

Capital Balances

The amount of money that the owners or shareholders have invested in the company.

Salary Allowances

Additional benefits or compensations given to employees over and above their regular salary, which could include housing, transportation, or medical allowances.