Examlex
An agent has the implied authority to do what is reasonably necessary to carry out express authority.
Essential Goods
Products that are necessary for basic living and well-being, often unchanged by changes in income.
Nonessential Goods
Products and services considered as non-critical for survival or basic living standards.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper ones.
Relative Price
Relative Price is the price of one good or service compared to another, usually reflecting its value in terms of another item rather than its absolute price in currency.
Q2: Kris transfers a note, on which Liu
Q5: Ratification occurs when a principal affirms, or
Q27: CreditLine Inc. joins with other creditors to
Q31: Refer to Fact Pattern 29-1. If, after
Q46: When receiving a stale check for payment,
Q57: Garry drives a truck as an employee
Q62: Licensed fishing outfits in Bayou City form
Q69: Roman is the chief executive officer of
Q69: On March 1, Eugene retains Farley to
Q71: Reliable Insurance Company employs Stuart as an