Question

Sam Seller was worried that Barney would not perform under the contract and demanded an assurance. How many days does Barney have from Sam's demand to give assurance?

Answer 1

Answer:

The correct answer is letter "A": 30.

Explanation:

Adequate Assurance is requested after a contract was signed by two parties by one of the parties has doubts the other will be able to fulfill the demands of the agreement. In such cases, the doubting party can send in writing the request for confirmation to the other party involved and if the second party does not provide a response within 30 days the initial contract is considered repudiated.

Thus, Barney has 30 days from the date Sam Seller requested an Adequate Assurance of Performance to respond.