It Is Said That 'Time Is of Essence' When

question 33

Multiple Choice

It is said that 'time is of essence' when:

• A) the promisor refuses to fulfill the promised act in time.
• B) the delay in time taken to fulfill the act results in financial loss to the promisor.
• C) the promisee refuses to owe the promisor the value of the assignment.
• D) an event terminates an existing duty of performance.
• E) the promisee is affected by whether the promisor acts on time or not.

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Definitions:

Major Traits

Key characteristics or qualities that significantly define a person or concept.

Low-level Managers

Managers who oversee the day-to-day operations and activities of an organization, often directly supervising frontline employees and implementing short-term plans.

Middle-level Managers

Managers who operate between the senior management and the operational levels of an organization, responsible for executing organizational policies and strategies at the departmental level.

Upper-level Managers

Refer to executives and senior managers who are responsible for high-level decision-making and setting the overall direction of an organization.