Erma Enters into a Contract to Buy a Tract of Lakefront

question 37

Multiple Choice

Erma enters into a contract to buy a tract of lakefront property from Forest Acres to build and sell a residential development. Forest Acres fails to close the sale. Erma's remedy is most likely

• A)the amount that Erma invested in the project to the date of the closing.
• B)nothing-Forest Acres still owns the land.
• C)the difference between the contract and market prices of the land.
• D)specific performance.

Analyze how the distribution of income and the concept of fairness play a role in economic discussions.

Understand how opportunity costs vary among nations and the factors contributing to these differences.

Understand the principle of the law of comparative advantage.

Recognize the benefits of trade and specialization.

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Definitions:

Industrial Revolution

A period of major industrialization from the 18th to the 19th century that radically transformed society with technological advancements, changing the manual labor system into machine-based manufacturing.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, starting in the United States.

Foster Children

Minors who have been placed under the care of a state-certified caregiver, due to their original family's inability to provide adequate care.

Psychological Disorders

Refers to a range of mental, behavioral, and emotional disorders that interfere significantly with an individual's ability to function in daily life.