John Operates a Small Repair Business and Is in Desperate

question 35

Multiple Choice

John operates a small repair business and is in desperate need of a certain type of building material. He obtains the material from a large corporation, but is charged a grossly unreasonable price and is forced to buy other material he does not need. In view of the buyer's unequal bargaining power and unreasonable terms of the contract, this may be a case of:

• A) in pari delicto .
• B) partial illegality.
• C) substantive unconscionability.
• D) procedural unconscionability.

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Definitions:

M1 Definition

A category of the money supply that includes all physical money like coins and currency, as well as demand deposits, and other liquid assets that can be quickly converted to cash.

Medium of Exchange

A facilitative tool employed to assist in the buying, selling, or exchanging of products among individuals or groups.

Money Supply

The full amount of financial resources at an economy's disposal, including cash, coins, and the amounts in checking and savings accounts, at a particular moment.

Financial Intermediaries

Organizations that facilitate the channeling of funds between savers and borrowers, including banks, credit unions, and insurance companies.