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Figure 6-4
-In Figure 6-4, total expenditure ____ as price falls from P = 12 to P = 10.
Condition Precedent
A condition in a contract that must be met before a party's promise becomes enforceable.
Parol Evidence Rule
A legal principle that prevents parties to a written contract from presenting extrinsic evidence of terms that contradict or modify the written terms of the contract.
Obligor
A person or entity legally bound to provide a benefit or payment to another under the terms of a contract.
Statute of Frauds
A rule of law stipulating that specific kinds of agreements must be documented and signed in order to be legally binding.
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