The Fees Paid to a Lawyer for Drawing Up a Contract

question 36

True/False

The fees paid to a lawyer for drawing up a contract is an example of a transaction cost.

---

Definitions:

Administrative Law Statute

Legislation that governs the activities and procedures of government agencies, including rulemaking, enforcement, and adjudication.

Pet Supply Business

A commercial enterprise that sells products and supplies for pets.

Criminal Law Statute

Laws codified in statutes that define criminal offenses and prescribe punishments for such offenses.

Bureaucracy

A system of government or management involving multiple layers of administration, procedures, and rules.