Fact Pattern 17-B1

question 31

Multiple Choice

Fact Pattern 17-B1
Kip sells an apartment building to Lacy with a promise to repair the roof,which violates the local housing code,within six months.One year later,Kip sends Milo,a carpenter,to fix the roof.Lacy orders Milo to leave and refuses to make further payments to Kip,who files a suit against Lacy.
-Refer to Fact Pattern 17-B1.Lacy's refusal to make further payments is most likely

• A)a material breach.
• B)complete performance.
• C)excused by Kip's failure to fix the roof.
• D)substantial,but not complete,performance.

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Definitions:

Cost of Capital

The return rate that a company must earn on its investment projects to maintain its market value and attract funds.

Opportunity Cost

Opportunity cost represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.

High End Stores

Retailers that sell luxury or premium products and services, often characterized by high prices and quality.

Wealthy Professors

Academics or educators who possess a high net worth, often through salaries, investments, publications, or other income sources.