The Principle of Substantial Performance Can Best Be Described as Which

question 80

Multiple Choice

The principle of substantial performance can best be described as which of the following?

• A) All or most of contractual obligations are fulfilled.
• B) A major term of the contract is mostly fulfilled.
• C) Minor terms of the contract are yet to be fulfilled.
• D) Minor terms of the contract are disregarded.
• E) Only exact compliance with the contract will qualify as performance.

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Definitions:

Sole Proprietorship

A business structure where a single individual owns, manages, and is responsible for all aspects of the business, including its liabilities.

General Partnership

A business structure where two or more individuals own and operate a business in partnership, sharing profits, losses, and liabilities.

Leveraged Buyout

The acquisition of another company using a significant amount of borrowed money to meet the cost of acquisition.