In the Osprey L

question 44

Multiple Choice

In the Osprey L.L.C.v.Kelly-Moore Paint Co.,Inc.case, the Supreme Court of Oklahoma held that:

• A) the lease was ambiguous.
• B) the plain language of the lease required that it be renewed by delivering notice either personally or by mail, and Kelly-Moore had done neither.
• C) a faxed delivery of the written notice to renew the commercial lease was sufficient to exercise the renewal option of the lease.
• D) a lease is a specialized contract, and therefore the usual rules for the interpretation of contractual writings do not necessarily apply.

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Definitions:

Seller Surplus

The difference between the actual selling price of a good and the seller's minimum acceptable price.

Market Distortions

Economic situations caused by inefficiencies or interventions that lead to prices not reflecting true supply and demand.

Wealth Creating

Wealth creating refers to the process or actions that contribute to generating financial profit or increasing economic value for individuals, businesses, or economies.

Creates Wealth

The process of generating assets and increasing the economic value for an individual, community, or country.