BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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accord
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satisfaction
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output contract
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Detailed explanation-1: -Generally speaking, there are four types of contract breaches: anticipatory, actual, minor and material.
Detailed explanation-2: -Accord and satisfaction refers to the agreement (accord) between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new performance is called the accord.
Detailed explanation-3: -A contractual dispute is usually when a party in a contract has a disagreement concerning its terms or definitions, whether it’s you or your client. If handled poorly, contractual disputes can be costly and time-consuming, end up in court and damage your business relationships and reputation.
Detailed explanation-4: -An example of promissory estoppel might be applied in a case where an employer makes an oral promise to an employee to pay the employee a specified monthly or annual amount of money throughout the full duration of the employee’s retirement.