The Opportunity Cost of Choosing a Particular Activity

question 84

Multiple Choice

The opportunity cost of choosing a particular activity:

• A)can be easily and accurately calculated.
• B)cannot be estimated.
• C)does not change over time.
• D)varies depending on time and circumstances.
• E)is measured by the money spent on the activity.

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Definitions:

Concealment

The active hiding of the truth about a material fact.

Material Fact

A fact that is significant or essential to the issue or matter at hand, especially in the context of contracts or litigation.

Mistake Of Fact

An error made regarding a fact that is material to a contract, which can affect the validity of the contract if the mistaken belief was a basis for its formation.

Peerless Case

The Peerless case, formally known as Raffles v Wichelhaus, is a leading English contract law case that established the doctrine of mutual mistake when both parties of a contract are mistaken about an essential term of the contract.