An Implied Contract Is a Contract Which Is Made Either

question 12

True/False

An implied contract is a contract which is made either verbally or in writing.

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Definitions:

Profitability

The degree to which a business or activity yields profit or financial gain, measured by the ratio of profit to revenues or investment.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period, typically downward sloping.

Competitive Firm

A company that operates in a market where it must compete with other firms for customers.