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A(n)_____ Is a Type of Contract by Which a New

question 36

Multiple Choice

A(n) _____ is a type of contract by which a new party agrees to perform a duty that one of the original parties to a contract was already legally obligated to perform.


Definitions:

Harmony

A state of peacefulness or agreement in feelings, actions, ideas, or interests among individuals or groups.

Antitrust Laws

Legislation enacted to prevent monopolies, promote competition, and ensure fair business practices in the marketplace.

Monetary Award

A sum of money granted to an individual or organization as a recognition of achievement, a form of settlement, or as compensation for damages.

Profits

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

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