Standard Construction, Inc

question 54

Multiple Choice

Standard Construction, Inc. (SCI) , contracts to build a store for Tasty Confection Company (TCC) , with TCC's payment due on June 1. On June 1, TCC's bank is closed, and for this reason, TCC claims it cannot pay SCI on time. In this situation

• A) SCI is in breach of contract.
• B) TCC is in breach of contract.
• C) the contract is discharged.
• D) the contract is suspended.

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Definitions:

Interest Rates

The cost of borrowing money or the return on investment for savings and loans, expressed as a percentage.

Government Outlays

The total expenditures made by the government, including spending on goods and services, transfer payments, and interest on debt.

Government Revenues

The income received by the government from taxes and non-tax sources used to fund public services and expenditures.

Interest Rates

The rate at which a borrower is charged interest for borrowing money from a lender.