Tanya Contracts with Suite Condos Corporation to Buy a Unit

question 16

Multiple Choice

Tanya contracts with Suite Condos Corporation to buy a unit in Suite's Bayview Tower at a premium for its view of River Bay.Unforeseeably,the town of River Bay changes its zoning law.Resort Hotels,Inc. ,constructs River Bay Resort,blocking what would have been Tanya's view.Tanya's best argument for a change in the Suite contract or its price is

• A)frustration of purpose.
• B)objective impossibility of performance.
• C)anticipatory repudiation.
• D)commercial impracticability.

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Definitions:

Supply Function

A mathematical equation that describes the quantity of a good that producers are willing to sell at different prices.

Factor Price

The price paid for the use of a factor of production, such as labor, capital, or land.

Long-Run Total Cost

The total expenses incurred by a firm when all inputs, including both fixed and variable costs, are fully adjustable, reflecting the cost structure over time.

Profits Maximization

The process or strategy aimed at increasing the difference between the total revenue and total costs of a business to the highest possible level.