In Which Case Will Performance on the Exact Date Specified

question 19

Multiple Choice

In which case will performance on the exact date specified in the contract most likely be deemed essential?

• A) a sale of goods that fluctuate rapidly in value.
• B) a sale of goods that remain stable in value.
• C) a sale of real estate.
• D) a sale of goods where no harm results from a delay in performance.

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Definitions:

Expense Accounts

These accounts are used in accounting to track the consumption of assets or services that contribute to the operation and revenue generation of the business.

Asset Accounts

Representations on a balance sheet of value held, including cash, property, and equipment owned by the entity.

Regular Earnings

The standard amount of income received by an employee before any deductions or overtime.

Form 941

A quarterly federal tax form filed by employers to report income taxes, Social Security tax, or Medicare tax withheld from employees' paychecks, and to pay the employer's portion of Social Security or Medicare tax.