The Existence of Intermediate Terms Is Best Explained by the Fact

question 14

Multiple Choice

The existence of intermediate terms is best explained by the fact that

• A)contractual parties sometimes do not specify whether a term should be considered a condition precedent or a condition subsequent.
• B)the innocent party sometimes should receive damages for some of its losses, but not others.
• C)some terms are more difficult to breach than warranties but easier to breach than conditions.
• D)it is sometimes appropriate to wait and see how a breach actually affects the parties before determining whether or not the right to discharge should arise.
• E)the courts are willing to mediate a dispute between some contractual parties, but not others.

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Definitions:

Total Utility

The overall satisfaction or benefit a consumer receives from consuming a specific quantity of a good or service.

Budget Line

A visual depiction showing every potential mix of two products that a specific income and price levels can buy.

Utility

In economics, the total satisfaction received from consuming a good or service.

Indifference Map

A graphical representation of different combinations of two goods or bundles among which a consumer is indifferent.