Which of the Following Best Describes the Restatement of the Law

question 8

Multiple Choice

Which of the following best describes the Restatement of the Law of Contracts?

• A) It is the supreme legal authority for contract law.
• B) It is a law which has been adopted, at least in part, by every state.
• C) It is a summary of the constitutional provisions affecting contract law.
• D) It is a compilation of contract law that is not itself contract law, but is often referred to by judges.
• E) It is a compilation of law pertaining exclusively to the Uniform Commercial Code.

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Definitions:

Output

Denotes the total quantity of goods or services produced by a company, industry, or economy within a specific period.

Resource

An asset or material that can be used to produce goods or services and provide economic benefit.

Firm

A business that employs resources to produce a good or service for profit and owns and operate one or more plants.

Purchase

The act of buying goods or services, exchanging money for ownership or use rights.