The Boom in Housing Prices from 2000-2005 Contributed to the Expansion

question 176

True/False

The boom in housing prices from 2000-2005 contributed to the expansion that followed the 2000-2001 recession.

---

Definitions:

Implied Repudiation

A situation where one party’s actions or inactions signal a refusal to fulfill their contractual obligations, suggesting an intention to breach the contract despite no explicit declaration.

Express Repudiation

The clear and unequivocal refusal to honor a contract or agreement, effectively declaring one's intention not to perform their contractual obligations.

Quantum Meruit

A legal principle allowing a party to recover costs for services provided when no contract exists, based on the reasonable value of the work.

Specific Performance

A legal remedy in contracts where the court orders the party who breached the contract to perform the promised action rather than simply paying damages.