A Court Would Be Likely to Enforce an Illegal Contract

question 60

Multiple Choice

A court would be likely to enforce an illegal contract:

• A) under certain circumstances in which the aggrieved party was unaware of the illegality.
• B) where,although the contract is unconscionable,there is only procedural unconscionability.
• C) where the agreement is with an unlicensed attorney.
• D) under no circumstances.

Understand how the unemployment rate is calculated and the limitations of official statistics.

Differentiate between cyclical, frictional, and structural unemployment.

Analyze the impact of discouraged workers on unemployment statistics.

Interpret changes in the Consumer Price Index (CPI) and its implications for economic health.

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Definitions:

Consumer Surplus

The variance between the total sum consumers are ready and capable of paying for a product or service versus what they genuinely spend.

New Buyers

Refers to individuals or entities entering the market as consumers for the first time, contributing to increased demand.

Market Entry

The strategy or process by which a company enters a new market or industry, which can include establishing new operations or acquiring an existing business.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total benefits to society from trade.