If Delivery of Goods Becomes Impossible, a Party Who Has

question 49

True/False

If delivery of goods becomes impossible, a party who has issued a draft or note on the contract has a defense for not paying it.

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Definitions:

Defense Contractor

A business organization that provides products or services to a military or national security department of a government.

Recession

A temporary economic slump, associated with a drop in business and manufacturing activities, commonly distinguished by a successive decline in GDP across two quarters.

Cyclical Unemployment

Cyclical unemployment is the component of overall unemployment that results from economic recessions or expansions, influenced by the business cycle.

Economy

An area or system in which goods and services are produced, distributed, and consumed by various agents, encompassing local to global scales.