Where There Is an Implied Promise to Pay for What

question 34

Multiple Choice

Where there is an implied promise to pay for what services rendered are reasonably worth, it is referred to as

• A) implied price.
• B) quantum meruit.
• C) implied value.
• D) quasi price.
• E) direct cost.

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Definitions:

Realized Losses

Losses that occur when an asset is sold for less than its purchase price, thereby converting a theoretical loss into an actual loss.

Aversion

A strong dislike or disinclination towards something, often used in economics in the context of risk aversion.

Overconfidence

The bias in which someone's subjective confidence in their judgements is greater than their objective accuracy.

Framing Effect

A cognitive bias where people react differently to a particular choice depending on how it is presented.