Which of the Following Is NOT an Example of an Exception

question 54

Multiple Choice

Which of the following is NOT an example of an exception to the privity of contract rule?

• A)a life insurance policy
• B)collateral contracts
• C)the trust
• D)bilateral contracts
• E)the undisclosed principal in an agency

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Definitions:

Purely Competitive

A type of market organization where there are many small-scale companies offering identical products, with no restrictions on entering or leaving the market.

MRP Curve

The Marginal Revenue Product curve, which depicts the additional revenue generated by employing an additional unit of a resource or factor of production.

Demand

A schedule or curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time.

Price

The amount of money expected, required, or given in payment for something.