A Court Will Refuse to Enforce a Contract That Involves

question 12

True/False

A court will refuse to enforce a contract that involves illegality only if it can be shown that both parties knowingly agreed to illegality.

---

Definitions:

Short Run

A time frame in economics during which at least one factor of production is fixed, limiting the ability of the economy or a firm to adjust to changes.

Fixed Costs

Expenses that remain constant regardless of the volume of production or sales, like lease payments or wages.

Variable Input(s)

Inputs or resources whose quantity can be changed in the short term to adjust the level of production.

Short Run

A period in economics where at least one factor of production is fixed, limiting the adjustments a firm or industry can make.