Protective Finishes, Inc

question 47

Multiple Choice

Protective Finishes, Inc. (PFI) , agrees to paint Quinn's house, using a particular brand of "discount" paint. PFI completes the job but uses a dif?ferent brand of discounted paint. This is most likely

• A) a complete excuse for Quinn's refusal to pay.
• B) a material breach.
• C) complete performance.
• D) substantial performance.

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Definitions:

Divest

The process of selling off subsidiary business interests or investments.

Strategically

Refers to actions taken by a business or individual that are planned to achieve a specific long-term goal or advantage.

Spinoff

A method of divesting a business unit by setting it up as a separate company and giving its shares to stockholders in proportion to their holdings of the original firm. After the spinoff stockholders can trade the two stocks separately.

Bankruptcy Proceedings

Legal process initiated by an insolvent individual or company to receive relief from debt by reorganizing or liquidating assets.