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Martha and Jim Enter into an Agreement Whereby Jim Agrees

question 19

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Martha and Jim enter into an agreement whereby Jim agrees to paint Martha's car. The contract states that the car is to be painted green. Martha changes her mind and wants the car to be painted blue instead. Jim agrees to paint the car blue. This type of discharge of contract is described as .


Definitions:

Market Price

The present value at which a service or asset is available for purchase or sale in a market.

Consumer Surplus

The gap in the total financial commitment consumers are ready to make for a product or service versus their actual commitment.

Hockey Tickets

Specific goods in the form of admission to watch a hockey game, demonstrating concepts of supply, demand, and pricing in a market.

Consumer Surplus

The difference in total spending willingness among consumers for a good or service versus their real outlay.

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