Which of the Following Is True with Regard to Ending

question 112

Multiple Choice

Which of the following is true with regard to ending a contract by performance,agreement,or breach?

• A)If a person properly tenders performance of a service that is rejected by the other party,he is required to try again and again.
• B)If one party to the contract has paid for a service,but now the other party doesn't want to perform,the contract is ended by agreement as long as both parties agree to call it off.
• C)A person has legally tendered performance if he pays a $500 debt in 25-cent coins.
• D)A contract can be ended by breach if there was either a breach of condition or a breach of warranty.
• E)A contract ends by agreement when the parties include in the contract a "condition subsequent" (i.e.,a clause that says the contract will end upon the happening of a specified future event that then takes place).

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Definitions:

Marginal Product

The incremental output produced by adding one more unit of a specific input while holding other inputs constant.

Wage Rate

The wage rate is the amount of money paid for a specific quantity of labor or service, often expressed per hour, day, or piece.

Purely Competitive

A market structure characterized by a large number of firms producing homogeneous products with no single firm influencing the market price or supply.

Variable Input

An input in the production process that changes in quantity with variations in the level of output.