Threatening to Breach a Contract Unless the Party Agrees to Modify

question 33

True/False

Threatening to breach a contract unless the party agrees to modify the terms of a contract is an example of economic duress.

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Definitions:

Good Faith

The sincere intention to be fair, open, and honest, regardless of the outcome of an agreement or transaction.

Specific Performance

A court order compelling a party to execute a contract according to its precise terms when monetary compensation is inadequate.

Picasso Painting

An artwork created by Pablo Picasso, a Spanish painter and sculptor known for co-founding the Cubist movement.

Purchase of Light Bulbs

The act of acquiring light bulbs through buying, which involves selecting the desired type, wattage, and technology (like LED, incandescent).