An 'Implied Term' Is

question 34

Multiple Choice

An 'implied term' is:

• A)a statement of fact.
• B)a term of a contract explicitly agreed upon by the parties.
• C)a term included in a contract as a result of the operation of a certain legal rule although not necessarily discussed by the parties.
• D)a collateral contract.

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Definitions:

Subsidized

Financial support provided by the government or other institutions to reduce the cost of services or commodities.

Tax

Compulsory financial charges or levies imposed by a government on individuals or entities to fund public spending and government operations.

Positive Externality

A benefit that affects a party who did not choose to incur that benefit, commonly seen in situations where the activity of one entity leads to positive effects for others.

Fire Extinguishers

Safety devices used to extinguish or control small fires, often in emergency situations.