Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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How is performance under a contract determined to be sufficient to discharge the duty to perform?
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- Provide the legal definition of a contract.arrow_forwardUnder the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one: a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contractarrow_forwardDescribe Express and implied contracts. What does it mean when a contract is called void and voidable?arrow_forward
- What are assignments of contracts and what rights and obligations do they confer?arrow_forwardWHAT IS THE MEANING OF THE OBJECTIVE THEORY OF CONTRACTS AND HOW DOES THE OBJECTIVE THEORY OF CONTRACTS RELATE TO CONTRACTUAL INTENT?arrow_forwardExplain the concept of contract law. What are the essential elements of a contract, and what types of contracts are enforceable? What remedies are available for breach of contract, and what steps can a business take to minimize its liability for breach of contract?arrow_forward
- 1. A contract to sell real estate is generally not enforceable unless it is in writing. a) True b) Falsearrow_forwardWhich of the following is true of a severable contract? Multiple Choice It must be enforced or rejected in its entirety. It contains multiple parts that need to be performed collectively. It has both legal and illegal portions in the contract. It needs complete performance by both parties.arrow_forwardExplain how the following became sources of an obligation 1. Law 2. Contract 3. Quasi-contract 4. Acts or Omission punished by lawarrow_forward
- Defined as an unconscious ignorance or forgetfulness of the existence or non existence of a fact,past or present,material to the contract.arrow_forwardDiscuss the relevance and importance of a contractual relationship. Identify the various types of contracts that are required to be in writing.arrow_forwardWhat is the legal definition of a contract and what elements are necessary for a contract to be valid and enforceable?arrow_forward
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