Jack Enters into a Contract with Kris, an Unlicensed Contractor

question 30

Multiple Choice

Jack enters into a contract with Kris, an unlicensed contractor. This contract may be enforceable if

• A) the statute's purpose is to protect the public from unauthorized practitioners.
• B) the lack of a license in Kris's occupation bars the enforcement of work-related contracts.
• C) the statute expressly affirms the barring of a contract's enforceability.
• D) the statute does not expressly affirm the barring of a contract's enforceability.

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Definitions:

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where market forces balance.

Tax Burden

The total amount of tax that individuals or businesses must pay to governmental authorities.

Inelastic

A characteristic of demand or supply where the quantity demanded or supplied changes by a smaller percentage than the changes in price.

Elastic

In economic terms, the sensitivity of demand for a product relative to changes in price; high elasticity indicates that demand changes significantly with price.