Examlex
If the price elasticity of demand is 3 then this means that a one-percentage increase in quantity demanded will cause a three-percentage decrease in the price of the good.
Breach Of Contract
The violation of a binding agreement between two or more parties by failing to perform any term of the contract without a legitimate legal excuse.
Legal Position
The status, rights, and obligations of an entity or individual according to the law.
Defences
Defences in legal terms refer to arguments and evidence presented by a defendant in a lawsuit to demonstrate why they should not be held liable for the claims brought against them.
Legally Binding Contract
An agreement between parties that has legal force and is enforceable by law, with defined obligations and rights.
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