For a Contract to Be Frustrated, Performance Must Be Impossible

question 88

True/False

For a contract to be frustrated, performance must be impossible.

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Definitions:

Face Value

The nominal or original value stated on a financial instrument, such as a bond or stock certificate.

Gross Pay

The total amount of money earned by an employee before any deductions or taxes are taken out.

Deductions

Amounts subtracted from gross income to determine taxable income, including expenses, exemptions, and allowances.

Long-Term Liabilities

Financial obligations of a business that are due more than one year in the future.