A Microallocation Decision

question 2

Multiple Choice

A microallocation decision

• A) directly impacts classes of persons.
• B) directly impacts individuals.
• C) indirectly affects populations in different ways.
• D) is concerned with low-value goods.

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Definitions:

Quantum Meruit

Quantum Meruit is a legal principle that allows a party to recover the reasonable value of services provided, even if there was no formal contract, under circumstances where payment is expected.

Substantial Performance

Substantial performance is a legal principle indicating that if a party has performed enough of its contractual obligations, they are entitled to payment, though possibly reduced for any unfinished or defective work.

Specific Performance

A legal remedy in contracts where the court orders one party to fulfill their specific duties under the contract, rather than seeking damages for breach.

Breach Of Condition

Violation of a fundamental term or condition in a contract that results in the agreement being compromised or voided.