In a Contract for the Sale of a Unique Good

question 81

Multiple Choice

In a contract for the sale of a unique good such as an antique,specific performance would be available as a remedy for which party(ies) ?

• A)Buyer only.
• B)Seller only.
• C)Both the seller and the buyer.
• D)Neither the seller nor the buyer.

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Definitions:

Principal Amount

The initial size of a loan or bond or the amount of money invested, excluding any interest or profits.

Extended Period

A term used to denote a longer than usual time frame in various contexts, such as payment terms, investment durations, or accounting cycles.

Long-term Note

A debt security that requires repayment of the principal, along with interest, over a period longer than one year, typically used for significant capital expenditures or investments.

Discount On Notes Payable

The difference between the face value of a note and what is actually paid, which occurs when the note is issued for less than its nominal value.