IDENTIFICATION -El Cid

question 5

Short Answer

IDENTIFICATION
-El Cid

Identify enforceability and validity of contracts based on the circumstances and parties involved.

Recognize defenses to contract enforceability including unconscionability, intoxication, and minor status.

Distinguish between different types of contracts and clauses including adhesion, exculpatory, and severable contracts.

Understand the implications of fraudulent activities and misrepresentations in contract formation.

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Definitions:

Long Run

A period in economic analysis where all factors of production are variable, allowing for complete industry adjustment.

Industry Supply

The total output of goods or services that firms in a specific industry are willing and able to sell at various prices, over a certain period of time.

Purely Competitive Industry

A market structure where many firms offer products or services that are similar, allowing for free entry and exit, and ensuring no single firm can influence market prices.

Long-Run Adjustments

Changes in the scale of production or in the input mix used by firms in response to economic conditions over a period where all inputs can be varied.