Irma Was in a Contract for the Purchase of Two

question 9

Multiple Choice

Irma was in a contract for the purchase of two tickets to Disneyland for which she had already paid.The contract was breached the day before she was supposed to leave and caused Irma to buy another set of tickets for twice the price,as well,her mother,who was supposed to come as well,could not.Irma could not receive damages for

• A)the cost of buying the new tickets.
• B)the amount she paid for the original tickets.
• C)the intangible loss caused by her disappointment.
• D)the amount she spent on new holiday clothes.
• E)the expected amount she may have won from a contest she and 3 others entered that would take place during the trip.

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Definitions:

Velocity of Money

The rate at which money circulates in an economy, typically measured as the ratio of nominal GDP to the money supply.

Final Goods and Services

Products that have completed the production process and are available for purchase by the end consumer.

Money Supply

The entirety of financial assets present in an economy at a given moment, encompassing cash, coins, and funds in checking and savings accounts.

Average Price Level

An index reflecting the overall direction and movement of prices within an economy, serving as an indicator of inflation or deflation over time.