Maya and Nick Enter into a Contract

question 65

Multiple Choice

Maya and Nick enter into a contract. To be enforceable, the contract must include​

• A) ​no particular signatures.
• B) ​the signatures of both Maya and Nick.
• C) ​the signature of the party against whom enforcement is sought.
• D) ​the signature of the party who is seeking enforcement.

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Definitions:

Economic Profit

A rephrasing of economic profits; it represents the financial gain exceeding the total costs, considering both explicit and implicit costs.

Per-unit Profit

The profit earned by a company for each unit of product sold, calculated by subtracting the cost of producing one unit from the selling price of one unit.

Purely Competitive Firm

A business that operates in a market where there are many buyers and sellers, the products are homogenous, and there are no barriers to entering or exiting the market.

Maximize

To increase to the greatest possible amount or degree, often used in the context of optimizing outcomes such as profit, efficiency, or utility in various fields.