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Read the following scenario, and answer the questions below.
As an economist, you are asked to analyze the present versus future value of fossil fuel resources in a newly discovered oil field. You determine that the oil which would take 1 year to extract) is estimated to be worth $10 million in today's market.
-What is the term for the economic practice that you are being asked to do by assessing present versus future value of the resource?
Ohio Uniform Commercial Code
A collection of laws that govern commercial transactions in the state of Ohio, part of a larger uniform effort to harmonize the law of sales and other commercial transactions across the United States.
Federal Common Law
A body of law developed by the federal courts that applies nationwide, based on judicial decisions rather than statutes.
Unilateral Contract
A contract where one party makes a promise in exchange for a performance by the other party, which acts as acceptance of the offer.
Express Contracts
An express contract is a clearly stated agreement between parties, where the terms are explicitly mentioned either orally or in writing.
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