The Length of Time That Represents the Long Run

question 69

Multiple Choice

The length of time that represents the long run

• A)is greater than one year
• B)is greater than six months
• C)is longer in service industries than in manufacturing
• D)is the same for all industries
• E)varies from industry to industry

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Definitions:

Enforceable

Capable of being imposed or carried out by legal process or by force; applicable to obligations or contracts that can be legally compelled.

Contract of Adhesion

A standard-form agreement prepared by one party, with the other party having little to no ability to negotiate more favorable terms.

Boilerplate Provisions

Standardized legal language used in contracts, agreements, and legal documents that is typically not negotiated.

Exculpatory Clauses

Exculpatory clauses are contractual provisions that relieve one party from liability for harm caused during the execution of the contract, often under specific conditions.