Vicky Asks Walt, a Cobbler, to Repair a Pair of Boots

question 63

Multiple Choice

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

• A)an express contract.
• B)an implied contract.
• C)a quasi contract.
• D)no contract.

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Definitions:

Elastic Demands

This refers to the sensitivity of the quantity demanded of a good to a change in its price, where a small price change leads to a larger change in quantity demanded.

Elastic Demands

A situation where the demand for a good or service significantly changes in response to changes in its price.

Close Substitutes

Products or services that can easily replace each other in the eyes of the consumer, offering similar benefits and functionalities.

Inelastic

A term describing a situation in which the quantity demanded or supplied of a good or service is relatively unresponsive to changes in price.