Joe Agreed to Sell Sam His Model T Ford Automobile,and

question 73

Essay

Joe agreed to sell Sam his Model T Ford automobile,and the day before delivery,he took it out for one last drive.Through his own fault,got into an accident in which the car was destroyed.Because it was impossible to go through with the terms of the contract,he claimed that it was frustrated.Discuss the legal position of the parties.

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Definitions:

Natural Rate

The natural rate is often described as the rate of unemployment where the labor market is in equilibrium, including frictional and structural unemployment but no cyclical unemployment.

Expected Inflation

The projection of the rate at which prices of goods and services will rise over a specific period in the future.

Expected Inflation

The rate at which the general level of prices for goods and services is expected to rise.

Short-run Phillips Curve

A graphical representation that shows the inverse relationship between the rate of unemployment and the rate of inflation in an economy over the short term.