Examlex
Suppose the price of a pair of jeans is $25 and the price of a t-shirt is $15. The consumer's budget is entirely allocated. If the marginal utility from a pair of jeans is 100 units and the marginal utility from a t-shirt is 75 units, the consumer is
Formal Language
A set of strings constructed using the formal grammar, often used in computer science, mathematics, and linguistics.
Reasonable Time
A legal standard that refers to the amount of time that is fairly appropriate, given the circumstances, to perform a certain action.
Substantial Performance
Substantial performance refers to a situation where a party has fulfilled enough of their contractual obligations to warrant payment, even if minor elements are still uncompleted.
Strict Performance
A legal concept that requires parties to completely fulfill the obligations of a contract without deviation.
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