If Goods X and Y Are Substitutes and the Price

question 146

Multiple Choice

If goods X and Y are substitutes and the price of X falls,all other things being equal,the demand curve for Y will

• A)shift to the left.
• B)shift to the right.
• C)not shift at all.
• D)be indeterminate.

Recognize the importance of environmental audits in real estate transactions.

Understand the remedies available to parties in case of breach of real estate agreements.

Identify the documents and searches involved in closing a real estate transaction.

Understand the legal consequences of undisclosed facts and misrepresentations in real estate transactions.

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Definitions:

Consideration

Something of value that is exchanged between parties in a contract, which is necessary for the agreement to be legally binding.

Gift

Something given voluntarily without payment in return, often as a symbol of affection or goodwill.

Contract

An agreement between multiple parties that is recognized and can be enforced by the legal system.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise to their detriment.