When One Party Has Vastly Superior Bargaining Power Over Another

question 43

Multiple Choice

When one party has vastly superior bargaining power over another, they often draft their contracts without consultation with the other party. These contracts are called​

• A)adhesion contracts.
• B)unconscionable contracts.
• C)unenforceable contracts.
• D)t o r t s .

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Definitions:

Long Run

Refers to a period in economics where all factors of production can be adjusted, and all costs are variable, allowing for complete industry adjustment.

Renovate

The process of restoring or improving a building, room, or structure to make it more attractive, functional, or to bring it up to current standards.

Marginal Product Curve

A graphical representation showing how the addition of a single unit of resource alters the total output of a good or service.

Total Product

The total output of goods and services produced by a firm or industry over a specific period.