A Bed of Oysters Is Not an Example of a Factor

question 174

True/False

A bed of oysters is not an example of a factor of production but the shucked oysters used to make oyster stew are a factor of production.

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Definitions:

Limitation of Remedies Clause

A contract provision that restricts the types of remedies available to the parties in case of breach, often to mitigate liability.

Unconscionable

Actions or conditions that are shockingly unfair or unjust; often referring to terms in contracts that are so one-sided that they are oppressive or unfairly penalize one party.

Privity of Contract

A legal concept that restricts the rights or duties arising under a contract to the parties who agreed to it.

Contractual Relation

A legally binding agreement between two or more parties that outlines the rights and duties of each party.