Noni and Myra Enter into a Contract for a Sale

question 32

Multiple Choice

Noni and Myra enter into a contract for a sale of clarinets and other wind instruments.Noni delivers,but Myra does not pay.Noni can normally recover as damages the difference between 

• A) ​any loss avoided and any profit gained. 
• B) ​the actual price and the hoped-for price. 
• C) ​the contract price and the market price. 
• D) ​the current prices in the parties' locations.

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Definitions:

Interest Rate

The percentage of an amount of money which is charged for its use per some period of time, often annually.

Real Rate

The interest rate adjusted for inflation, reflecting the true cost of borrowing or the true return on investment.

Nominal Rate

The interest rate before adjustments for inflation, as opposed to the real rate, which is adjusted for inflation.

Rate of Inflation

The percent change in the price level of goods and services in an economy over a period of time, usually measured annually.