Which of the Following Is True with Regard to Ending

question 80

Multiple Choice

Which of the following is true with regard to ending a contract by performance, agreement, or breach?

• A) A contract can be ended by breach if there was a either a breach of condition or a breach of warranty.
• B) A person has legally tendered performance if he pays a $500 debt in 25-cent coins.
• C) If a person properly tenders performance of a service that is rejected by the other party, he is required to try again and again.
• D) A contract ends by agreement when the parties include in the contract a "condition subsequent," i.e., a clause that says the contract will end upon the happening of a specified future event that then takes place.
• E) If one party to the contract has paid for a service, but now the other doesn't want to perform, the contract is ended by agreement as long as they both agree to call it off.

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Definitions:

Small Law Practice

A small law practice is a legal firm with a limited number of attorneys, often specializing in specific areas of law and offering more personalized services than larger firms.

Revenues

The total income generated from normal business operations and other activities like investments, calculated before any expenses are deducted.

Generally Accepted Accounting Principles

A framework of accounting standards, principles, and procedures that companies follow to compile their financial statements.

Economic Events

Any occurrences or transactions that affect the financial position of a company, including sales, purchases, and investments.