Jason Owes Stephen $1,000 for Yard Work Stephen Performed for Jason.The

question 8

Multiple Choice

Jason owes Stephen $1,000 for yard work Stephen performed for Jason.The money is due on May 1.On April 30,Jason goes to the bank to get the money and discovers that the bank will be closed until May 2.Jason

• A)will be in breach of contract when he fails to pay Stephen on May 1.
• B)will not be in breach of contract when he fails to pay Stephen on May 1 due to objective impossibility.
• C)is discharged from any contractual liability to Stephen.
• D)will not be in breach of contract when he fails to pay Stephen on May 1 as long as he pays the $1,000 plus ten percent interest on May 2.

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Definitions:

Issuing Corporation

The entity that offers securities for sale to investors, typically through the process of a public offering.

Secondary Market

A venue where investors buy and sell securities they already own, such as the stock market, separate from the primary market where securities are first issued.

Securities

Financial instruments that represent an ownership position in a publicly-traded corporation, a creditor relationship with a governmental body or a corporation, or rights to ownership as represented by an option.

Primary Market

The financial market where new securities are sold to initial buyers directly by the issuer, often through underwriting.