Best Furniture,Inc

question 34

Multiple Choice

Best Furniture,Inc.entered into a contract with a consumer,Piotr.He was a recent immigrant to the United States,his English skills were limited and he quit school when he was 16.The contract provided for Piotr to pay $1500 for a sofa,which was worth $400.If Best Furniture sues Piotr under the contract,what is the most likely result?

• A)The contract is unenforceable because of the Statute of Frauds.
• B)The contract is enforceable because of the parole evidence rule.
• C)The contract is unenforceable because it is unconscionable.
• D)The contract is enforceable because Piotr agreed to its terms.

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Definitions:

Income Elasticity Coefficient

A measure indicating how much the quantity demanded of a good responds to change in consumer income.

Recessions

Periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in successive quarters.

Income Elasticity

A measure of how much the demand for a product or service changes in response to changes in consumer income.

Inferior Good

A type of good for which demand decreases as the income of individuals increases, opposite to normal goods.