Stanislav Contractually Agreed to Sell a Piece of Land to Tien

question 1

Multiple Choice

Stanislav contractually agreed to sell a piece of land to Tien for $250 000.When the time came to transfer title, however, Stanislav refused to complete the transaction.Tien consequently refused to pay any part of the price and justifiably sued for specific performance.At that time, the market value of the land was $300 000.The case was not decided by a court for five years.The judge then held that Stanislav was liable for breach of contract.At that time, the land was worth $400 000.If the court awards damages, Tien is entitled to receive

• A)$250 000.
• B)$400 000.
• C)$300 000.
• D)$150 000.
• E)$50 000.

---

Definitions:

Bundle

A set of goods or services that are sold or consumed together as a single package.

Constants

Fixed values in equations and calculations that do not change.

Indifference Curves

Graphical representations showing different combinations of two goods that provide the same level of utility to the consumer.

Bundle

A combination of various goods or services sold together as a single package.