Implied Contracts Arise From

question 494

Multiple Choice

Implied contracts arise from:

• A) the intentions rather than the results of the actions
• B) the expressions rather than the actions of the parties
• C) the intentions rather than the actions of the parties
• D) the consequences of the actions of the parties
• E) none of the other choices are correct

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Definitions:

Equity

Fairness or justice in the way people are treated or in the distribution of resources.

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is not achievable.

Excise Taxes

Taxes imposed on specific goods or services, such as tobacco or alcohol, typically aimed at reducing consumption of these goods or raising revenue.

Inelastic Demand

Inelastic demand refers to a market condition where the quantity demanded of a good or service changes very little in response to price changes.