Identify the Following Terms

question 114

Short Answer

Identify the following terms.
-Maori

Distinguish between different types of assignments and their enforceability in court.

Understand the principle of privity of contract and its exceptions, including the role of novation.

Appreciate the purpose and scope of contract law, including the doctrine of non est factum and its defenses.

Identify the roles of negotiable instruments in overriding privity rules and their impact on assignments.

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Definitions:

Changes Hands

An expression referring to the act of transferring ownership of something from one person or group to another.

Overall Prices

Overall prices refer to the general level of prices for goods and services in the economy, often assessed through indicators like the Consumer Price Index (CPI).

Price Level

A measure of the average prices of goods and services in an economy, indicating the cost of living or inflation rate.

Falling Prices

A situation in an economy where the prices of goods and services decrease over time.