Oren and Pat Are Parties to a Contract for the Management

question 31

Multiple Choice

Oren and Pat are parties to a contract for the management of Oren's residential rental properties. A dispute arises between them over the obligations due under the contract. They negotiate a compromise and form a different agreement to substitute for the original one. This settlement agreement does not require

• A) ​the existence of a previous, valid obligation.
• B) ​the agreement by the parties to the new contract.
• C) ​a third party.
• D) ​a new, valid contract.

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Definitions:

Tornado Siren

A warning system used in many communities to alert citizens about the imminent danger of a tornado.

Excludable

A characteristic of a good or service that allows the owner to prevent others from using it without permission.

Rival In Consumption

A characteristic of a good whereby its consumption by one person diminishes its availability for another person.

Hersey-Blanchard

A situational leadership model proposing that effective leadership is a combination of adaptive leadership style and the maturity level of those being led.