When is nonperformance by a contractual party excusable?
What will be an ideal response?
Nonperformance is excused if a contract becomes impossible to perform. It must be objective impossibility, not subjective. The following types of objective impossibility excuse nonperformance:
1. the death or incapacity of the promisor prior to the performance of a personal service contract
2. the destruction of the subject matter of a contract prior to performance
3. a supervening illegality that makes performance of the contract illegal
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Which of the following is not a situation where the optional Clause addendum would be used?
A. Arranging for maintenance for the property until the buyer takes possession B. providing noticed that items on the property maybe least C. Including items of personal property in the sale D. Seller financing
A collection of companies decides to work together for a while to provide service for what they see as a short term window of opportunity
These firms plan to coordinate their activities by deploying sophisticated information systems to share critical data. Each of these companies is skilled at one or two core activities — design, manufacturing, distribution, marketing, and so on. This association of companies can be described as a(n) ________. Fill in the blank with the appropriate word.