Objective Impossibility Occurs If a Particular Contracting Party Is Unable

question 69

True/False

Objective impossibility occurs if a particular contracting party is unable to perform because of financial inability or lack of competence.

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Definitions:

Cost

The amount of money required to produce, purchase, or maintain a product or service.

Markup Percent

The surcharge applied to the acquisition cost of products for covering overhead and making a profit.

Selling Price

The final amount of money charged for a product or service, or the amount the consumer is willing to pay.

Markup Percent

The percentage increase over the cost price of a product to calculate the selling price.