Gilly Agrees to Buy Howard's Bakery on the Express Condition

question 35

Multiple Choice

Gilly agrees to buy Howard's Bakery on the express condition that the bakery's suppliers extend the same credit terms to Gilly that the suppliers currently extend to Howard. This approval is

• A)a concurrent condition.
• B)a condition precedent.
• C)a condition subsequent.
• D)an implied condition.

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Definitions:

Fair Labor Standards Act

United States federal law that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in federal, state, and local governments.

Minimum Wage

The lowest legal hourly pay that employers can compensate workers, established by law to ensure a minimum standard of living for employees.

Overtime Pay

Additional compensation awarded to employees for hours worked beyond the standard workweek, often at a higher rate.

Equal Employment Opportunity

A principle that ensures all individuals have a fair chance for employment, without discrimination on the basis of race, gender, age, or other protected characteristics.