"He [The Producer] Intends Only His Gain, and He Is

question 390

Multiple Choice

"He [the producer] intends only his gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." What famous economist made this statement?

• A) Alfred Marshall
• B) Friedrich Hayek
• C) Adam Smith
• D) David Ricardo

Comprehend the conditions and processes involved in borrowing and repaying educational loans.

Know the potential consequences and recovery actions for defaulting on U.S. Department of Education loans.

Recognize the specific conditions under which educational loans may be canceled or discharged.

Understand the legal mechanisms, such as garnishment, liens, and revocation of professional licenses, used to enforce debt obligations.

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Definitions:

Collateral Contract

A secondary agreement made in addition to a primary contract, which induces a party to enter into the primary contract.

Leading Object Rule

A legal principle in contract law used to determine whether a promise is enforceable under the Statute of Frauds.

Parol Evidence Rule

A legal principle that prohibits the use of oral or extrinsic evidence to contradict, vary, or add to the terms of a written contract.

Collateral Promise

A secondary promise to pay another person's debt only if that person fails to pay.