What Name Do Economists Have for a Cost That Has

question 9

Short Answer

What name do economists have for a cost that has already been committed and cannot be recovered?

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Definitions:

Enforce

To compel obedience or compliance through legal or authoritative means; to ensure the fulfillment of a requirement.

Give Consideration

In contract law, the act of offering something of value, required by both parties for a contract to be legally binding.

Promissory Estoppel

A legal principle that prevents a person from going back on a promise even when a legal contract does not exist.

Unilateral Contract

An agreement in which one party makes a promise in exchange for an act performed by another party.