Commercial Impracticability Arises Only When the Parties-At the Time the Contract

question 29

True/False

Commercial impracticability arises only when the parties-at the time the contract was made-had reason to foresee a certain event.

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Definitions:

Non-controlling Interest

A share in the equity and earnings of a subsidiary that are not owned by the parent company, also known as minority interest.

Consolidated Financial Report

A comprehensive financial statement that combines the financial information of a parent company with that of its subsidiaries, presenting it as a single economic entity.

Exercise Control

The ability of an entity (like a parent company) to govern the financial and operating policies of another entity (like a subsidiary) to benefit from its activities.

Voting Shares

Shares in a company that give the shareholders the right to vote on company matters, such as electing the board of directors.