The Number of Command Economies Has Fallen Dramatically Since the Demise

question 67

True/False

The number of command economies has fallen dramatically since the demise of communism in the late 1980s.

---

Definitions:

Objective Impossibility

This term describes a situation where the fulfillment of a contract's obligations cannot be carried out by anyone due to external circumstances, such as the destruction of something necessary for performance.

Subjective Impossibility

A situation where completing a contract's obligation is impossible due to circumstances personal to the obligated party.

Performance

in the context of contracts, refers to the execution of duties or the fulfillment of obligations specified in the contract.

Substantial Performance

A legal concept indicating that a party has completed the major obligations of a contract, even if minor details were not completed, often entitling that party to payment.