Express Contracts and Implied Contracts Are

question 35

Multiple Choice

Express contracts and implied contracts are:

• A) both genuine contracts.
• B) equally enforceable.
• C) voidable for lack of capacity.
• D) All of these.

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Definitions:

Economic Profits

Profits that exceed the opportunity costs of all resources used by a firm, including both explicit and implicit costs.

Accounting Profits

The financial gain calculated by subtracting total explicit costs from total revenue, as recorded in the financial statements.

Explicit Costs

Costs that involve direct monetary payment by a business to purchase or maintain resources.

Usury Law

Legal regulations that set maximum interest rates that can be charged on loans to protect consumers against excessively high rates.