If Scott Makes a Nonbinding Promise to Lee and Then

question 18

Multiple Choice

If Scott makes a nonbinding promise to Lee and then fails to fulfill it:

• A) Lee can expect contract law to provide a remedy
• B) Lee can expect contract law to provide a remedy if he lives East of the Mississippi
• C) Lee can expect that he will have to go to the Supreme Court for a remedy
• D) Lee is now legally allowed to force Scott to fulfill his promise
• E) none of the other choices are correct

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Definitions:

Work Compromised

Occurs when the quality or integrity of work is diminished or placed at risk due to various factors, such as resource limitations or conflicts.

Negative Externalities

Costs suffered by a third party due to an economic transaction or activity for which they are not compensated.

Positive Externalities

Benefits that are experienced by third-parties or the society at large as a result of an economic transaction or activity, without those third parties directly paying for the benefits received.

Efficient Output Levels

Points of production where the economy can no longer increase the production of one good without decreasing the production of another good, achieving an optimal distribution of resources.