Identify the Correct Statement About Contracts

question 64

Multiple Choice

Identify the correct statement about contracts.

• A)Generally speaking,contracts are a form of public law.
• B)A contract represents mutual assent to a bargained-for exchange between parties.
• C)Universally,people disagree that breaching a contract carries ethical implications.
• D)When a legally enforceable contract is breached,the injured party cannot seek damages.
• E)All contracts are legally unenforceable promises.

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Definitions:

Actual Price

The selling price at which a good or service is offered to consumers in the market.

Price Ceiling

A maximum price set by law that can be charged for a good or service, below the equilibrium price, leading to a shortage.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Immediate Effect

The instant impact or outcome that follows a specific action or decision, without significant delay.