Examlex
In a long-run equilibrium in a perfectly competitive market, firms are selling at a price equal to average cost.
Objective Impossibility
A situation where it is not possible to carry out a contract's obligations due to uncontrollable external circumstances.
Bankruptcy
A legal proceeding involving a business or individual that is unable to repay outstanding debts, leading to the disposition of assets to pay creditors.
Equitable Remedies
Non-monetary judicial remedies, such as injunctions or specific performance, granted when traditional legal remedies are inadequate to resolve a dispute fairly.
Adequate Remedies
Legal solutions or compensation that are considered sufficient to remedy a breach of contract or violation of rights.
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