Use the Information Below to Answer the Following Questions

question 101

Multiple Choice

Use the information below to answer the following questions.
Fact 31.3.2
With free trade between Australia and Canada, Australia would export beef to Canada. But Canada imposes an import quota on Australian beef.
-Refer to Fact 31.3.2. If Canada imposes an import quota on Australian beef, the price that Canadian consumers pay for beef will ________ and the quantity of beef produced in Canada will ________.

• A)not change; decrease
• B)not change; increase
• C)rise; not change
• D)rise; increase
• E)fall; decrease

Identify the essential elements required for the creation of a binding contract.

Recognize the various types of contracts and their characteristics.

Analyze the role and application of the Uniform Commercial Code (UCC) in contract law.

Understand the implications of contractual capacity and legality on the enforceability of contracts.