BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mutual Agreement
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Impossibility of Performance
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Operation of Law
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Performance
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Detailed explanation-1: -A breach of contract occurs when one party in a binding agreement fails to deliver according to the terms of the agreement. A breach of contract can happen in both a written contract and an oral contract. The parties involved in a breach of contract may resolve the issue among themselves or in a court of law.
Detailed explanation-2: -If both parties want out of the agreement, that may be achieved by signing a Mutual Rescission and Release Agreement. The Mutual Rescission and Release Agreement serves to render the original contract null and void and places the parties back to their original positions before they entered into that first agreement.
Detailed explanation-3: -The first step in contract formation is when the parties recognize that they should enter into a working arrangement that would be mutually beneficial.
Detailed explanation-4: -For example, whenever we buy a product at a store or go grocery shopping, we are entering into an agreement to purchase whatever it is we are purchasing. When we get a new job, we sign an employment agreement to start work – that’s a contract!