Due to the Externalities Associated with Public Goods and Common

question 27

Multiple Choice

Due to the externalities associated with public goods and common resources:

• A)private markets will lead to an efficient allocation of resources
• B)government intervention can potentially raise economic wellbeing
• C)private markets will correct for the gain or loss to consumer surplus
• D)all of the above are true

Interpret the role and fulfillment of conditions (express, implied-in-fact, and implied-in-law) in contract discharges.

Assess the consequences of material and minor breaches in contractual agreements.

Identify the legal requirements and outcomes of substituted contracts, novations, and accord and satisfaction.

Examine the concepts of substantial performance, tender, and specific performance.