45. Suppose that Tin Company contracts to provide several manufacturers with tin

Question

45. Suppose that Tin Company contracts to provide several manufacturers with tin. If a carte of tin-producing countries embargoes future shipments of tin to Tin Company so that Tin Company cannot fulfill its contractual obligations, then a. Tin Company will be liable for breach of contracts. b. Tin Company will have to take whatever steps are necessary to secure adequate supplies of tin from third parties. c. Tin Company will be excused from the performance of its contracts. d. None of the above.

Explanation / Answer

c. Tin Company will be excused from the performance of its contracts

Contract obligations are those duties that each party is legally responsible for in a contract agreement. In a contract, each party exchanges something of value, whether it be a product, services, money, etc.

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