Which of the Following Is Not a Characteristic of Substitute

question 11

Multiple Choice

Which of the following is not a characteristic of substitute products X and Y?

• A)They have the same or similar product performance characteristics
• B)They have the same or similar occasions for use
• C)They are sold in the same geographic market
• D)Customers are indifferent between X and Y
• E)A price increase of X while keeping the Y's price constant leads to a drop in purchases of X and an increase in purchases of Y

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Definitions:

Leading Object Rule

A legal principle in contract law used to determine whether a promise is enforceable under the Statute of Frauds.

Parol Evidence Rule

A legal principle that prohibits the use of oral or extrinsic evidence to contradict, vary, or add to the terms of a written contract.

Collateral Promise

A secondary promise to pay another person's debt only if that person fails to pay.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the parties involved to be legally enforceable.