If the Performance of a Contract That Was Legal When

question 40

True/False

If the performance of a contract that was legal when formed becomes illegal because of a subsequently enacted law, the duty of performance is discharged.

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Definitions:

Maximizing Utility

The economic principle aiming to achieve the highest level of satisfaction possible with available resources.

Price

The cost at which something is being sold, reflecting the value that consumers or purchasers assign to a good or service.

Utility

An economic term referring to the total satisfaction received from consuming a good or service.

Marginal Utility

The increased gratification or utility derived from the consumption of an extra unit of a good or service.