Contracts of Utmost Good Faith

question 51

Multiple Choice

Contracts of utmost good faith

• A) have no bearing on the law of misrepresentation.
• B) arise when one party is uniquely situated to know the material facts.
• C) do not require notification of any changes to previously supplied information.
• D) are the only contracts that do not require any kind of disclosure.
• E) none of the above

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Definitions:

Natural Rate

The long-term rate of unemployment around which the unemployment rate fluctuates, or the rate of output expected when resources are fully employed.

Aggregate Demand

The complete demand for all categories of goods and services in an economy, evaluated at a given price level for a particular period.

Inflation

How fast the broad price levels for goods and services climb, undercutting the ability to buy.

Unemployment

The condition of someone being without a job despite actively looking for work, expressed as a percentage of the labor force.