Jennifer Substantially Performs Her Service Contract with Gretchen

question 45

Multiple Choice

Jennifer substantially performs her service contract with Gretchen.Due to Jennifer's failure to render complete performance,Gretchen

• A)is discharged from any further contractual obligations.
• B)is required to pay the full contract price, minus the value of Jennifer's defective performance.
• C)is required to pay the full contract price.
• D)may declare a material breach and pay only for the value received.

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Definitions:

Exercise Price

The predetermined price at which the holder of an option can buy (call option) or sell (put option) the underlying security or commodity.

Option

An option is a financial derivative that represents a contract sold by one party to another, offering the right, but not the obligation, to buy or sell a security at an agreed-upon price within a certain period of time.

Receive

To obtain or accept something given, presented, or transmitted to you.

Pay

The salary or wage that is given to an employee by an employer in exchange for their work.