A Contract Requires Reasonable Notice of Its Terms

question 55

Multiple Choice

A contract requires reasonable notice of its terms

• A) only in the case of exclusion clauses.
• B) only when its terms are onerous or unusual.
• C) only when its terms are on the back of a ticket.
• D) whenever a signature is required.
• E) none of the above

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Definitions:

Marginal Utility

The extra pleasure or benefit gained by a consumer from consuming an additional unit of a product or service.

Marginal Utility

The additional satisfaction or utility gained from consuming an extra unit of a good or service.

Water-Diamond Paradox

A concept in economics that questions why diamonds are more expensive than water despite water being essential for survival and diamonds not.

Marginal Utility

The additional satisfaction or benefit received from consuming one more unit of a good or service.