Proof of Substantial Impairment of the Value of a Contract

question 48

True/False

Proof of substantial impairment of the value of a contract to the buyer is required to justify revocation of acceptance.

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Definitions:

Variable Costs

Expenses that fluctuate based on the amount of products or services a company generates.

Net Income

Net Income is the total profit of a company after all expenses and taxes have been deducted from revenue.

Variable Costs

Costs that vary in proportion to the level of production or business activity.

Fixed Costs

Expenses that do not change with the amount of goods or services produced over a short period.