When Great Precision in the Coordination of Individual Productive Activities

question 95

Multiple Choice

When great precision in the coordination of individual productive activities is required,

• A)such activity must be organized by the government.
• B)economic activity comes to a stop.
• C)the price (or market) system must be completely scrapped.
• D)monarchy is necessary.
• E)organizations such as firms are formed.

Identify the significance of express and implied conditions in contract enforcement.

Analyze how a condition subsequent can affect contract obligations.

Examine defences to breach of contract, including impossibility and personal satisfaction.

Understand the concept of substantial performance and its applicability.

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Definitions:

Chessboard

A game board of 64 squares, arranged in an 8×8 grid, used for playing chess.

Recall

The mental process of retrieving information from memory without the aid of cues, often tested as a memory function.

Randomly

Without method or conscious decision, in a way that seems unpredictable or without pattern.

Framing Effect

A cognitive bias where people decide on options based on whether they are presented in a positive or negative way.