Brett Contracts to Purchase a Particular Chevrolet from Johnson's Car

question 70

Multiple Choice

Brett contracts to purchase a particular Chevrolet from Johnson's car lot. Brett obtains a "special property interest" in the car when:

• A) the contract is made.
• B) the car is tendered to Brett.
• C) Brett pays for the car.
• D) Brett accepts the car.

---

Definitions:

Cross Elasticity

A metric showing how demand for a particular good is affected by changes in the pricing of another good.

DVD Players

Electronic devices designed to play discs in the DVD format, capable of producing both sound and video from digital optical disc storage.

Income Elasticity

A measure of how much the demand for a product or service changes relative to a change in consumers' income levels.

Normal Good

A good for which demand increases as the income of consumers increases and decreases as the income of consumers decreases.