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.

---

Definitions:

Stockholders' Equity Accounts

These accounts represent the owners' equity in a corporation, including common stock, retained earnings, and additional paid-in capital.

Net Income

The net income a corporation earns once all costs, taxes, and expenses are deducted from the total revenue.

Earnings Per Share

A measure of a company's profitability, calculated as net income divided by the number of outstanding shares of its common stock.

Dividends

Funds disbursed to members of a corporation, commonly sourced from the company's profits.