The Objective Theory of Contracts Holds That the Intent to Enter

question 27

True/False

The objective theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the subjective person standard.

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Definitions:

Per-Unit Costs

The average cost for each individual unit of product produced, taking into account all fixed and variable expenses.

Marginal Costs

The incremental cost involved in producing one more unit of a product or service.

Learning Curve

The concept that people improve efficiency and decrease cost over time as they gain experience in a particular task or operation.

Marginal Productivity

The additional output that is produced by using one more unit of a particular input while keeping other inputs constant.