One Element Involved in the Determination of Unconscionability Is

question 38

Multiple Choice

One element involved in the determination of unconscionability is:

• A) the comparative bargaining power of the parties.
• B) the opportunity to make a contract for better terms with someone else.
• C) the course of the economy after the contract is made.
• D) whether a loss will be sustained by performance of the contract.

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Definitions:

Price Taker

An economic actor that accepts the prevailing market prices and lacks the power to influence those prices due to its small market share.

Natural Monopoly

A market condition where a single supplier is most efficient in serving the entire market's demand, often due to high barriers to entry like significant infrastructural costs.

Perfect Competition

A market structure characterized by a large number of buyers and sellers, homogeneous products, free entry and exit, and perfect information.

Total Revenue

The combined sum of earnings a company receives for its goods sold and services rendered over a particular time span.