A Contract Must Be in Writing If It Specifies That

question 85

Multiple Choice

A contract must be in writing if it specifies that it will last longer than .

• A) 30 days from the formation of the contract
• B) 90 days from the beginning of performance
• C) 180 days from the beginning of performance
• D) one year from the formation of the contract

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Definitions:

Demand Functions

Mathematical formulas representing the relationship between the quantity demanded of a good or service and its price, along with other factors like income and prices of related goods.

Supply Functions

Mathematical functions that describe the quantity of a good that producers are willing to sell at different prices, holding other factors constant.

Price Ceiling

A legally imposed limit on how high the price of a product can be charged in the market, usually set to protect consumers from excessively high prices.

Minimum Imposed Price

A price floor set by the government or regulatory body, below which a good or service cannot be sold, often to protect producers.