Contracts That Courts Infer from Company Policies and the Behavior

question 40

Multiple Choice

Contracts that courts infer from company policies and the behavior of the parties are known as:

• A)implied contract.
• B)void contract.
• C)express contract.
• D)voidable contract.

---

Definitions:

Social Loss

The total reduction in welfare or well-being to society, typically resulting from inefficient market conditions like monopolies or externalities.

Consumer Surplus

The discrepancy between the price consumers are prepared to pay for a product or service and the price they end up paying.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive.

Subsidies

Financial support provided by governments to individuals, businesses, or institutions to promote certain activities deemed beneficial.