If Edmund and Kaylin Have a Writing Mistakenly Showing a Sale

question 6

Multiple Choice

If Edmund and Kaylin have a writing mistakenly showing a sale and purchase of goods for $10,000 when the price should have been $1,000,a court will most likely

• A)enforce the agreement,relying on oral testimony to determine the correct price.
• B)only enforce the agreement as written.
• C)not hear the case unless both parties are merchants.
• D)not enforce the agreement since the writing did not reflect a meeting of the minds of the parties.

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Definitions:

Consumption Function

An economic formula representing the relationship between total consumption and gross national income, depicting how income changes affect spending levels.

Aggregate Income

The total income received by all factors of production in an economy during a given period, including wages, rents, and profits.

Aggregate Income

The total income earned by all individuals or entities in an economy, including wages, profits, rents, and investment earnings.

Consumption Function

An economic equation that links the total consumption to the gross national income.