Carlos and David Contract for the Sale of Five Hundred

question 51

Multiple Choice

Carlos and David contract for the sale of five hundred head of Carlos's cattle for $195 per head. Unknown to either party, an unforeseen storm has struck the herd and many of the cattle have died. David is

• A)entitled to recover the value of the lost cattle.
• B)not required to pay due to the bilateral mistake.
• C)not required to pay due to the unilateral mistake.
• D)required to pay because he assumed the risk the cattle might die.

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Definitions:

Production

The process of creating, growing, manufacturing, or improving goods and services.

Production Possibility Curve

A graphical representation showing the maximum combination of goods and services that can be produced with a given set of resources and technology.

Comparative Advantage

The aptitude of any individual, corporation, or country for producing a good or offering a service at an opportunity cost that is reduced in comparison to that of the competition.

Specialization

The process of focusing resources on the activities that lead to the greatest efficiency and output in production or services.