When One of the Parties to a Contract Has Failed

question 24

Multiple Choice

When one of the parties to a contract has failed to do what he or she has previously agreed to do,it is a:

• A)fraud in the inducement.
• B)failure of consideration.
• C)breach of contract.
• D)lack of delivery.

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Definitions:

Linear Equation

A formula involving two variables that results in a linear plot on a chart.

Discount

A reduction applied to the usual cost of goods or services.

Markup Rate

The percentage added to the cost price of goods to cover overhead and profit.

Markup

The amount added to the cost price of goods to cover overhead and profit.