Courts in the 17th and 18th Century Were Far Less

question 22

Multiple Choice

Courts in the 17th and 18th century were far less willing than they are today to interfere with a bargain struck by two parties.There were a number of reasons for this.Which of the following is least likely to have been one of them?

• A)The courts were not aware that this approach frequently led to injustice in particular cases.
• B)With fewer laws to regulate behaviour in those times, there was little but the contract from which they could draw guidance as to how to resolve a dispute.
• C)There was a real risk of social conflict and chaos if citizens, and the courts, could not be relied upon to uphold bargains.
• D)Contract terms in that era were more likely than in modern times to be individually negotiated and, in that sense, consumers had a more real chance of being able to protect their own interests.

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Definitions:

Quantity Supplied

The quantity of a product or service that manufacturers are prepared to offer for sale at a certain price during a defined time frame.

Inelastic

A characteristic of a good or service whose demand does not significantly change with a change in its price.

Perfectly Elastic

A situation in economics where any small change in the price of a good or service will result in an infinite amount of change in the quantity demanded or supplied.

Total Revenue

The total amount of money earned by a firm from the sale of its products or services before any costs or expenses are subtracted.