If a Party Against Whom Enforcement of an Oral Contract

question 32

True/False

If a party against whom enforcement of an oral contract is sought admits under oath that a contract for sale was made, the contract will be enforceable.​

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Definitions:

Average Total Cost Curve

A graphical representation showing how the average cost per unit of output varies with the level of output.

Profit-Maximizing Quantity

The quantity of output that an entity can produce and sell at the highest profit, considering its costs and market demand.

Long-Run Equilibrium

A state in which all firms in a given industry are making zero economic profit, leading to an optimal allocation of resources given current technology and factor prices.

Selling Price

The amount of money for which a product or service is sold to consumers.