Contract Law Principles Will Be Applied by a Judge to Resolve

question 52

True/False

Contract law principles will be applied by a judge to resolve disputes based on a contract, whether the parties were aware of those principles or not.

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Definitions:

Implicit Cost

The opportunity cost equal to what a firm must give up or forgo in order to use resources in its own operations, not directly paid in money.

Part-Time Employees

Part-time employees are workers who are employed for fewer hours than the standard full-time work schedule, often without the same benefits as full-time employees.

Utility Bill

A monthly fee paid for services such as electricity, water, and gas consumption.

Economic Costs

The total cost of choosing one action over another, including both explicit costs (direct payments) and implicit costs (opportunity costs).