Refer to the Diagram Given Below

question 33

Multiple Choice

Refer to the diagram given below. If aggregate supply shifts from AS₁ to AS₂, then the price level will:

• A)increase and real domestic output will increase.
• B)decrease and real domestic output will increase.
• C)increase and real domestic output will decrease.
• D)decrease and real domestic output will decrease.

Recognize the relevance of course of performance, course of dealing, and usage of trade in interpreting contracts under the UCC.

Analyze the requirements for contract modifications and the effects of additional or different terms in contract formation.

Distinguish between written and oral contracts and their enforceability under the UCC.

Understand the importance and role of express terms versus implied terms in contract disputes.

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Definitions:

Valid Contracts

Agreements that meet all legal requirements, including offer, acceptance, consideration, and legality, making them enforceable in court.

Unenforceable Contracts

Agreements that, due to legal deficiencies, cannot be upheld or enforced by the courts.

Void Contracts

Agreements that are illegal or against public policy and therefore unenforceable by law.

Bilateral Contract

A contract in which the promise of one of the parties forms the consideration for the promise of the other.