When a Contract Exists and a Principal Agrees to Certain

question 9

Multiple Choice

When a contract exists and a principal agrees to certain conditions,but fails to perform,which of the following would an agent seek in order to attempt to force the principal to perform the contract as stipulated?

• A) Specific performance
• B) Specific recoupment
• C) Adequate performance
• D) Reformation
• E) Recognition

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Definitions:

Income Tax

Taxes levied by the government on the income generated by businesses and individuals.

Stockholders

Individuals or entities that own shares in a corporation, also commonly referred to as shareholders.

Borrowed Money

Funds that are obtained through loans or credits, which must be repaid with interest.

Financing Activities

Transactions and events that affect the long-term liabilities and equity of a company, including issuing debt, issuing equity, and paying dividends.