Jekyll Agrees to Sell Hyde a Certain Super-Strength Hair Remover

question 17

Multiple Choice

Jekyll agrees to sell Hyde a certain super-strength hair remover capsule.While it is still in Jekyll's laboratory,the only capsule is swallowed by a night-time guard dog.What will happen in this case?

• A)The contract is discharged because of a waiver by both parties.
• B)The contract is discharged because a provision of the Sale of Goods Act applies.
• C)The contract is discharged by the Frustrated Contracts Act.
• D)The contract is void because of mistake in assumption.
• E)Jekyll is relieved of his liability on grounds of hardship in performance.

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Definitions:

Efficient Equilibrium

A state in an economy where every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

External Benefits

Benefits resulting from a transaction that affect parties not directly involved in the transaction, often leading to positive outcomes for society.

External Costs

Costs of a transaction or activity that affect third parties who did not choose to incur that cost, often seen in environmental pollution.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product for which there are many substitutes.