Suppose the demand curve for a good is given by the equation P = 200 - 1/2 Q and the supply curve is given by the equation P = 50 + 1/4 Q,where P represents the price of the good (measured in dollars per unit)and Q represents the quantity of the good (measured in units per week).
Definitions:
Accord and Satisfaction
Accord and Satisfaction is a legal settlement where a debtor agrees to pay a lesser amount than originally owed, and the creditor agrees to accept this as full settlement of the debt.
Specific Performance
A legal remedy where the court orders a party to fulfill their obligations under a contract, as opposed to awarding damages.
Waiver
A waiver is the voluntary relinquishment or surrender of some known right or privilege.
Supervening Illegality
A situation where a law change after an agreement is made renders the performance of the contract illegal.
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