In the Case of Speelman V

question 3

Multiple Choice

In the case of Speelman v. Pascal , the court held that:

• A) a gratuitous assignment is terminated by the assignor's death, even if the assignor made an effective delivery of the assignment prior to his death.
• B) assignments of rights to sums that are expected to become due to the assignor are enforceable.
• C) assignments cannot be made of sums that are not presently due but are expected to become due in the future.
• D) personal contracts are not assignable.

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Definitions:

Long Run

A period in economic analysis in which all inputs can be adjusted and no factors are fixed.

Perfect Competition

a market structure characterized by a large number of small firms, producing identical products, with no single firm able to influence the market price.

Price Takers

Firms or individuals in a market who accept the prevailing prices as they cannot influence them due to their small market share in highly competitive markets.

Identical Products

Products that are the same in every aspect, often referred to in economics to describe goods that have no differentiation in the eyes of consumers.