A Buyer's Cancellation of a Contract Based on the Seller's

question 57

Multiple Choice

A buyer's cancellation of a contract based on the seller's anticipatory repudiation is effective:

• A) only if the buyer expressly notifies the seller of the cancellation.
• B) if the cancellation precedes the seller's attempt to retract her repudiation.
• C) only if bond has been obtained.
• D) All of these are correct.

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Definitions:

Defined Scope Of Work

A detailed description of the tasks, deliverables, timelines, and expectations for a project, agreed upon by stakeholders.

Procurement Organization

An entity or department within a company responsible for acquiring goods, services, and contracts to meet the needs of its operations.

RFQs

Requests For Quotations, documents issued by a buyer to suppliers, asking them to provide a price quote for a specified product or service.

New Vendors

Recently established suppliers or companies that provide goods or services to consumers or businesses.