Examlex
A binding price floor is a _____ price set _____ the equilibrium price.
Duress
Duress occurs when someone performs an act as a result of coercion or a threat of immediate danger to life or personal safety, which compromises the voluntariness of their decision.
Valid Contract
An agreement between parties that meets all legal requirements and is enforceable by law.
Implied Contracts
Agreements that are not written or spoken but are understood by the actions or behaviors of the parties involved.
Express Contracts
Contracts in which the terms and conditions are explicitly stated, either orally or in writing, between the parties involved.
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