In Axelson V

question 196

True/False

In Axelson v.McEvoy-Willis,where Axelson cancelled an order for specialized oil rig equipment,in accord with the contract it sent when the deal was reached,the court held that it would look to the realities of the dealings of the parties,not the details of the contract,in deciding if a breach occurred.

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Definitions:

Exchange Rate

The rate at which one currency can be exchanged for another.

Japanese Yen

The official currency of Japan, used as a medium of exchange in the country.

Comparative Advantage

The ability of an individual or group to produce a good or service at a lower opportunity cost than other producers.

Opportunity Cost

The cost of missing out on the next best alternative when making a decision.