Examlex
Describe the relationship between the IS and MP curves and the aggregate demand curve.
Excused from Performance
A legal concept where a party is released from fulfilling their obligations under a contract due to unforeseen circumstances that make performance impossible or impracticable.
Mitigate Damages
The requirement for an injured party to take reasonable action to minimize the amount of damages caused by a breach of contract or tort.
Breach of Contract
The violation of a contractual obligation, where one party fails to fulfill their part of the agreement.
Subjective Standards
Criteria based on personal opinions, interpretations, or judgments rather than objective measurements.
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