The larger firm, providing equipment and bonding capacity, of a Joint Venture wh
ID: 1712014 • Letter: T
Question
The larger firm, providing equipment and bonding capacity, of a Joint Venture which signed a construction contract files Bankruptcy in the middle of the project.
b)
The contract converts to a contract between the Owner and the remaining member and future payments are made to that member.
c)
The Owner must wait and see if the remaining member of the Joint Venture fulfills the requirements of the contract.
d)
The contract is void because the party is no longer competent.
b)
The contract converts to a contract between the Owner and the remaining member and future payments are made to that member.
c)
The Owner must wait and see if the remaining member of the Joint Venture fulfills the requirements of the contract.
d)
The contract is void because the party is no longer competent.
Explanation / Answer
Answer c. The owner must wait and see if the remaining member of the joint venture fulfills the requirements of the contract.
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