If No Time Period for Performance Is Specified in a Contract

question 20

Multiple Choice

If no time period for performance is specified in a contract:

• A) the contract is unenforceable.
• B) time shall be of the essence.
• C) a reasonable time for performance will be implied.
• D) the time for performance will be ignored by the courts.

---

Definitions:

Norm Of Reciprocity

The social standard that suggests that a favor must be repaid.

Bargaining

A type of negotiation in which two or more parties attempt to reach an agreement on matters of mutual interest.

Buyers And Sellers

Participants in a market who exchange money for goods and services; buyers purchase while sellers offer.

Deindividuation

A state in which an individual in a group experiences a weakened sense of personal identity and diminished self-awareness.