When a Contract Is Overturned Because It Is Deemed to Have

question 36

True/False

When a contract is overturned because it is deemed to have illegal subject matter or is illegal to perform, it is generally considered voidable.

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Definitions:

Economic Efficiency

The optimal allocation of resources in a manner that maximizes the production and distribution of goods and services.

Embargo

A government order that restricts commerce with a specified country or the exchange of specific goods.

Dumping

In international trade, it's the practice of selling a product in a foreign market at a price that is below the cost to produce it or below the price in the home market.

Tariffs

Taxes imposed by a government on imported goods to increase their price and protect domestic industries from foreign competition.