On November 1, Paula and Roberta Enter into a Contract

question 38

Multiple Choice

On November 1, Paula and Roberta enter into a contract where both parties are obligated to perform on December 31.On December 1, Paula tells Roberta, "I can, in no way, perform my duties in our contract." This statement is:

• A) anticipatory repudiation.
• B) an accord.
• C) a material alteration.
• D) a nonmaterial breach since the statement is made before December 31.

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Definitions:

Intangible Personal Property

Non-physical assets owned by an individual or a business, such as intellectual property, stocks, or bonds.

Intellectual

Relating to the intellect or involving the exercise of the mind, often associated with knowledge and thinking processes.

Ephemeral

Lasting for a very short time; transient.

Real Property

Land and any permanent structures attached to it, such as houses, buildings, and other fixtures, recognized as legal property.