A Contract Is Discharged When a Change in the Law

question 4

True/False

A contract is discharged when a change in the law renders the performance illegal.

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Definitions:

Socialistic Economies

Economic systems where the production and distribution of goods and services are controlled by the state, aiming for equal wealth distribution and reduction of economic inequalities.

Central Planning

Describes an economic system where the government makes all decisions about the production and distribution of goods and services.

Production Possibilities

Refers to the different combinations of goods and services an economy can produce given its resources and technology.

Capital Goods

Long-term assets used by businesses to produce goods and services, such as machinery, buildings, and equipment.