In the Case in the Text,Trapani Construction Co

question 52

Multiple Choice

In the case in the text,Trapani Construction Co.v.Elliot Group,Inc. ,the court held that:

• A)There was a contract implied in fact because the circumstances and behaviors of the parties demonstrated a general course of dealing and a mutual intent to contract.
• B)There was no contract implied in fact because the defendant never accepted the plaintiff's offer.
• C)There was no contract implied in fact because no consideration was provided to defendant.
• D)There was no contract implied in fact because there was no meeting of the minds or mutual assent.

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Definitions:

Marginal Social Cost

Marginal social cost is the total cost to society of producing an additional unit of a good, including both private costs and any external costs.

External Costs

Costs incurred as a result of an economic activity that are not borne by the entities undertaking the activity but rather by other parties or society at large.

Marginal Cost

The rise in expense associated with the production of an extra unit of a product or service.

Benefits To Consumers

Refers to the advantages or improvements in well-being and satisfaction that consumers experience from purchasing and using goods and services.