An Oral Contract for the Transfer of an Interest in Land

question 49

True/False

An oral contract for the transfer of an interest in land may be enforced if the party seeking enforcement has so changed his position in reasonable reliance on the contract that a court can prevent injustice only by enforcing the contract.

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Definitions:

Cyclical Unemployment

Unemployment caused by a downturn in the economic cycle, such as a recession, which reduces the demand for goods and services.

Structural Unemployment

Unemployment caused by a mismatch between workers' skills and the requirements of available jobs, often due to technological or economic changes.

Frictional Unemployment

The short-term unemployment that arises from the process of matching workers with jobs, often due to workers changing jobs or entering the workforce.

Potential Output

The highest level of real GDP (gross domestic product) that can be sustained over the long term without increasing inflation.