Objective Impossibility Occurs If a Particular Contracting Party Is Unable

question 69

True/False

Objective impossibility occurs if a particular contracting party is unable to perform because of financial inability or lack of competence.

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Definitions:

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers.

Infinity

A concept in mathematics and physics that refers to a quantity without bound or end.

Unit Elastic

A situation where a percentage change in the price of a good causes an equal percentage change in the quantity demanded or supplied.

Total Revenue

The total amount of money received by a company from sales of goods or services, before any costs or expenses are subtracted.