Which of the Following Is False with Regard to Ending

question 131

Multiple Choice

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

• A) 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.
• B) If a person properly tenders performance of a service that is rejected by the other party, he is not required to try again.
• C) A person has not legally tendered performance if he pays a $500 debt in 25-cent coins.
• D) A contract can be ended by breach only if there was a breach of condition, not a breach of warranty.
• E) If one party to the contract has paid for a service, but now the other doesn't want to perform, the contract is ended by agreement as long as they both agree to call it off.

Understand the substitution and income effects resulting from a change in price.

Apply the concept of a budget line to determine the possible consumption bundles given specific income and prices.

Understand different research designs in psychology and their applications.

Identify the ethical considerations in psychological research.

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Definitions:

Consumer's Surplus

The disparity between the amount customers are prepared to spend on a product or service and the actual price they pay.

Earplugs

A device inserted in the ear canal to protect the ears from loud noises, water, or foreign bodies.

Utility Function

A mathematical representation of a consumer's preference orderings over a set of goods and services.

Equivalent Variation

An economic measure of the change in income needed to maintain utility after a price change, keeping utility constant before and after the change.