Fact Pattern 18-1Olga Enters into a Contract to Buy a Refrigerator

question 6

Multiple Choice

Fact Pattern 18-1Olga enters into a contract to buy a refrigerator from a Prairie States Appliance store with the price to be paid in monthly installments. After thirty-six months of payments, Olga has paid more than twice the price of a similar stove. Eighteen payments remain due under the contract.
-Refer to Fact Pattern 18-1.Olga files a suit against Prairie States,claiming that their contract is so unfair and one sided that it would be unreasonable to enforce it.Olga is asserting 

• A) ​the concept of good faith. 
• B) ​the principle of fair trade. 
• C) ​the predominant-factor test. 
• D) ​the doctrine of unconscionability.

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Definitions:

Individual Choice

The decisions made by individuals based on their preferences and constraints.

Adam Smith

A Scottish economist and philosopher, often considered the father of modern economics, well-known for his works "The Wealth of Nations" and the concept of the "invisible hand."

The Wealth of Nations

A seminal book by Adam Smith, published in 1776, which discusses the principles of free market economics and lays the foundation for classical economics.

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their wants and needs.