Refined Commodities,Inc

question 32

Multiple Choice

Refined Commodities,Inc.,agrees to deliver ten tons of sheet metal to Select Builders Corporation.The agreement states that delivery is to be within "3" days,although the parties intend "30" days.Refined cannot convince Select to amend the contract.Refined should seek

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

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Definitions:

Zero-sum Game

A situation or game in which one person's gain is equivalent to another's loss, so the net change in wealth or benefit is zero.

Equity Norm

A principle of fairness in social psychology where individuals expect rewards and consequences to be distributed among group members based on their contributions or efforts.

Prisoner's Dilemma

A theoretical framework in game theory demonstrating why two individuals might not cooperate, even if it is in their best interest to do so.

Identifiability Bias

The cognitive bias that causes people to overvalue individual stories and examples over general statistics and broader information.