Even If a Party Has the Power to Avoid a Contract

question 47

True/False

Even if a party has the power to avoid a contract for lack of capacity,duress,or undue influence,the party will lose that power by affirming the contract.

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Definitions:

Indifference Curve

A graph showing different bundles of goods between which a consumer is indifferent, meaning each combination offers the same level of utility or satisfaction.

Highest Possible Price

The maximum price that a product or service can achieve in a market under current conditions.

Lowest Possible Price

the minimum price at which a good or service is offered, considering all factors including cost, demand, and competition.

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in income.