When There Is Substantial Performance of a Contract with a Minor

question 31

True/False

When there is substantial performance of a contract with a minor breach,the other nonbreaching party may sue to recover the cost to repair the defect.

---

Definitions:

Risk Assessment

The process of identifying, evaluating, and estimating the levels of risk involved in a situation, followed by the coordination and economical application of resources to minimize, monitor, and control the probability and impact of unfortunate events.

Idle Cash

Cash that is not currently employed in any investment or operation, therefore not earning any return or interest.

Cash Equivalents

Short-term, highly liquid investments that are easily convertible to known amounts of cash with original maturities of three months or less.

Physical Controls

Measures and procedures implemented to safeguard assets, manage risk, and ensure the integrity of financial information, including locks, safes, and access control systems.