The Objective of Providing Remedies for the Breach of a Sales

question 24

Multiple Choice

The objective of providing remedies for the breach of a sales contract is to:

• A) punish or penalize the party responsible for breaching the contract.
• B) encourage parties to rely on trade practices rather than express terms.
• C) put the injured person in the same position as if the contract has been performed.
• D) encourage parties to rely on oral contracts rather than written contracts.

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Definitions:

Alan Greenspan

Former Chairman of the Federal Reserve of the United States, who served from 1987 to 2006 and played a key role in American monetary policy during that period.

Federal Reserve Bank

The Federal Reserve Bank is the central banking system of the United States, which oversees the nation's monetary policy and regulates its financial institutions.

Free Markets

Economic systems in which prices for goods and services are determined by the open market and consumers, with minimal government intervention.

Economic Competition

A condition in markets where businesses or sellers independently strive for the consumers' patronage to achieve a particular business objective, such as profits or market share.