A Contractual Remedy Is Optional Unless the Parties Expressly Agree

question 6

True/False

A contractual remedy is optional unless the parties expressly agree that it is to be exclusive.

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Definitions:

Nominal Wages

Wages paid to employees that have not been adjusted for inflation, representing the amount of money earned in current dollars.

Inflation Rate

The rate at which the overall price level of goods and services increases, thereby reducing the buying power.

Nominal Wage Rates

The amount of money paid to an employee by an employer in current prices, without adjusting for inflation.

Real Wages

Wages or salaries adjusted for inflation, reflecting the true purchasing power of income.