The Restatement of the Law of Contracts Is the Highest

question 80

True/False

The Restatement of the Law of Contracts is the highest priority source of contract law.

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Definitions:

Public Good

A product or assistance made available to all societal members without financial gain, provided by either state bodies or voluntary private groups or individuals.

Nonrival

A characteristic of a good whereby one person's consumption does not reduce its availability to others.

Nonexcludable

A characteristic of a good or service that prevents the owner or provider from excluding individuals from using it once it has been provided.

Marginal Private Benefit

The additional benefit received by a consumer or producer from consuming or producing one more unit of a good or service.