Refer to the Information Provided in Figure 3

question 284

Multiple Choice

Refer to the information provided in Figure 3.13 below to answer the question(s) that follow. Figure 3.13
-Refer to Figure 3.13. Assume hamburgers are a normal good. An increase in income will cause a movement from

• A) Point A to Point B.
• B) Point G to Point F.
• C) D_{1 to} D₂.
• D) S_{1 to} S₂.

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Definitions:

Novation

The act of replacing an old obligation with a new one, thereby extinguishing the original obligation.

Privity of Contract Rule

A legal principle stating that only parties involved in the creation of a contract can sue or be sued under the terms of that contract.

Statutory Assignment

A legal transfer of a right from one party to another, made under and governed by statutory law.

Negotiable Instrument

A written document guaranteeing the payment of a specific amount of money either on demand or at a set time.