If Exports of an Industry Are $100 Million and Imports

question 128

Multiple Choice

If exports of an industry are $100 million and imports are zero,
Which of the following is the value of the index of intra­industry
Trade?

• A)0
• B)1
• C)0.5
• D)100 million

Understand the Uniform Commercial Code's role in contracts for the sale of goods.

Describe the Restatement of Contracts and its significance.

Distinguish between express, implied, and quasi-contracts.

Recognize the effects of law on contracts, including enforceability and performance.

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Definitions:

Reasonable Care

A legal standard that requires individuals or entities to act with the caution and diligence that a prudent person would under similar circumstances.

Bailment

The transfer of possession of personal property from one person to another with the understanding that the property will be returned.

Mutuum

An ancient legal term referring to a loan agreement where one party agrees to lend something that must be returned in kind and quantity, typically involving consumables.

Sole Benefit

refers to the principle that an action or decision must be made with the intention of benefiting only the specified individual or entity, not others.