Juan and Isidro Enter into a Contract to Buy, Restore

question 57

Multiple Choice

Juan and Isidro enter into a contract to buy, restore and reopen the Coastal Park Carousel. Before either party begins to perform, they agree to cancel their deal. This is

• A) ​specific performance.
• B) ​mutual rescission.
• C) ​accord and satisfaction.
• D) ​novation.

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Definitions:

Yen

The official currency of Japan, used in both physical and electronic forms for transactions within the country and internationally.

Real Exchange Rate

The rate at which two currencies can be traded for each other, adjusted for inflation differentials between the two countries.

Nominal Exchange Rate

The rate at which one country's currency can be traded for another country's currency, not adjusted for inflation.

Rand

The official currency of South Africa, symbolized as ZAR.