In Contract Cases, the Court Generally

question 150

Multiple Choice

In contract cases, the court generally

• A) does not look to see if the bargain is fair.
• B) attempts to punish the party in breach of the contract by imposing a sentence.
• C) will rewrite an agreement for the parties if their existing agreement did not include all the essential terms.
• D) will enforce all promises.
• E) will require the recipient of a service to pay a reasonable price where it is determined that the agreed-upon price was too low.

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Definitions:

Processed Beyond

A term used to describe a stage in production or manufacturing where goods have progressed past a certain point in the production process.

Absorption Costing

An accounting method that includes all direct and indirect manufacturing costs in the cost of a product, including overhead.

Cost-plus Pricing

A pricing method where a fixed percentage is added to the total cost of producing a product or service to determine its selling price.

Return on Investment

A measure of the profitability and efficiency of an investment, calculated as the return (or gain) from an investment relative to its cost.