For Each Historical Identification Question, Define the Term and Briefly

question 76

Essay

For each historical identification question, define the term and briefly describe its historical significance.
-Saladin and the Third Crusade

Recognize the legal implications of strict product liability.

Understand discrimination prohibitions in credit applications.

Know the FTC's rules and regulations related to sales and advertising practices.

Explain the concept of "risk-adaptability" in legal decisions.

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Definitions:

Moral Hazard

The risk that a party to a transaction has not entered into the contract in good faith, or has an incentive to take unusual risks in a desperate attempt to earn a return before the contract settles.

Contract Changes

Amendments or modifications to the terms and conditions of an existing agreement.

Behavior Cost

The non-financial costs associated with actions or decisions, including effort, time, and opportunity costs that impact individuals' or companies' behaviors.

Market Signal

Information that is passed on to the market which, intentionally or unintentionally, conveys messages to buyers and sellers.