A(n)________ Contract Is Implied by the Direct or Indirect Acts

question 25

Multiple Choice

A(n) ________ contract is implied by the direct or indirect acts of the parties.

• A)express
• B)implied-in-fact
• C)unilateral
• D)void

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Definitions:

Substitutes

Products or services that can be used in place of each other.

Substitutes

Products or services that can be used in place of one another, where an increase in the price of one leads to an increased demand for the other.

Complements

Goods or services that are used together, where an increase in the consumption of one leads to an increase in the consumption of the other.

Law of Supply

The principle that, other things equal, an increase in the price of a good leads to an increase in the quantity supplied, and vice versa.