OnTrack Rehabilitation Center signs an agreement with Platinum Bank to borrow $40,000 at 20 percent interest. Later, the state legislature passes a law lowering the maximum permissible rate of interest to 15 per¬cent. OnTrack's best argument for avoiding payment to Platinum Bank is that
a. performance of the contract is commercially impracticable.
b. payment of the loan would force the debtor into bankruptcy.
c. the law has rendered performance of the contract illegal.
d. the specific subject matter of the contract has been destroyed.
C
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A buyer and a seller enter into a purchase and sale agreement. The agreement provides that closing must take place by September 30. A clause states that a party's failure to be ready by a date specified in the contract will constitute a breach of the contract. What is the name of this clause?
A. A habendum clause B. A contingency clause C. A time of the essence clause D. A closing clause
Under the National Labor Relations Act, an "unfair labor practice strike" could be called to ________
a. demand higher wage rates b. protest an employer's discrimination against a union member c. affect the noneconomic package of a contract under negotiation d. air any employee grievance