Which of the Following Involves the Discharge of a Contract

question 7

Multiple Choice

Which of the following involves the discharge of a contract by operation of law?

• A) One of the parties becomes bankrupt.
• B) Each party discharges the obligation of the other to perform the contract.
• C) One of the parties fails to carry out their obligation completely, and the other party accepts this.
• D) Performance of the contract becomes impossible due to the occurrence of an unforeseen event.

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Definitions:

Progressive Income Tax

A tax system where the tax rate increases as the taxable amount of income increases, placing a higher tax burden on high-income earners.

Taxable Income

Taxable income is the amount of income that is subject to income tax, after deductions and exemptions.

Percent

A method of representing a number as a part of 100.

Straight Commission

A compensation method where an employee or salesperson is paid solely based on the amount of sales generated.