Which of the Following Is True Regarding Frank's Refusal to Keep

question 1

Multiple Choice

Which of the following is true regarding Frank's refusal to keep Creaky and Toady?

• A) He committed an anticipatory repudiation.
• B) He is not guilty of any breach because he gave Beverly sufficient warning that he was not willing to perform.
• C) He is not guilty of any breach because the contract is not over $1,000 in amount.
• D) He is guilty of an immaterial breach because of the low value of the contract.
• E) He is guilty of a nominal breach.

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Definitions:

Production Alternative

Different ways in which a firm could allocate its resources to produce various goods or services.

Capital Goods

Physical assets used by a company to produce goods and services that are used to produce consumer goods or services.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Study of Economics

The academic discipline that examines how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs.