Jet Enters into a Contract to Buy a Certain Commercial

question 45

Multiple Choice

Jet enters into a contract to buy a certain commercial building from Kim. At the closing, Kim refuses to transfer title. In a suit for breach, Jet should seek specific performance to

• A)return the parties to the positions they occupied before the contract.
• B)obtain the exact bargain promised in the contract.
• C)reform the contract to reflect the parties' true intentions.
• D)make the terms reasonable and enforce the contract as reformed.

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Definitions:

Total Utility

The complete pleasure or advantage a customer gets from using a certain amount of products or services.

Rational Consumer

An economic concept of a consumer who seeks to maximize utility or satisfaction from goods and services within their budget constraints.

Equilibrium

The state in which market supply and demand balance each other, and as a result, prices become stable.

Maximum Utility

The highest level of satisfaction or benefit that a consumer can obtain from the consumption of goods and services within the constraints of their income and prices.