Objective Impossibility Occurs If a Particular Contracting Party Is Unable

question 1

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:

Net Operating Income

The total profit of a company after operating expenses are subtracted from operating revenues, excluding taxes and interest.

Price Hike

An increase in the price of goods or services offered by a company.

Value-Based Pricing

A pricing strategy where the selling price of a product or service is based on the perceived value to the customer rather than the cost of production or market price.

Operating Cost

The expenses associated with the day-to-day running of a business, excluding the cost of goods sold.