Ilsa and Janis Agree to a Contract

question 15

Multiple Choice

Ilsa and Janis agree to a contract.Later, Ilsa alleges that her performance is impossible or at best impracticable because of circumstances unforeseen at the time the contract was formed.Frieda files a suit, claiming breach.In the United States, if the court agrees with Eva, the most likely remedy is

• A)damages.
• B)reformation.
• C)rescission.
• D)specific performance.

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Definitions:

Monopolistically Competitive

Pertaining to a market structure where many firms sell products that are differentiated from one another but can act as substitutes, thereby creating competition.

Average Total Cost

The aggregate expense of manufacturing (sum of constant and fluctuating costs) spread over the entire volume of goods produced.

Marginal Revenue

represents the extra revenue that an undertaking receives from selling one additional unit of a product or service.

Monopolistically Competitive

Describes a market structure where many companies sell products that are similar but not identical.