An Exculpatory Clause Is Generally Enforceable If the Affected Activity

question 25

True/False

An exculpatory clause is generally enforceable if the affected activity involves medical care or an essential service.

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Definitions:

Price Floor

A government or regulatory-imposed minimum price for goods or services, intended to prevent prices from dropping too low.

Shortage

A circumstance in which the market desire for a service or product is greater than the supply.

Surplus

The situation in which the quantity supplied of a product exceeds the quantity demanded, often leading to price decreases.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.