Long-Term Contracts Are Less Likely When

question 68

Multiple Choice

Long-term contracts are less likely when

• A)specialized investments are important.
• B)hold up is likely.
• C)the exchange environment is complex.
• D)workers are paid based on piece-rates.

Recognize the significance of the Uniform Commercial Code (UCC) in modifying common law rules regarding contracts.

Analyze the role of nominal consideration in contracts and its impact on the enforceability of agreements.

Understand the legal implications of promises made with moral considerations or in societal interest without conventional consideration.

Explore the concept of promissory estoppel as an exception to the consideration requirement.

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Definitions:

Conscientiousness

One of the Big Five personality traits, characterized by being systematic, well-organized, careful, and responsible.

Neuroticism

A characteristic of personality marked by fluctuations in mood, feelings of nervousness, and inconsistent emotions.

Extraversion

A personality dimension describing individuals who are sociable, energetic, and often seek stimulation and the company of others.

Neuroticism

A personal attribute identifiable by its emotional volatility, anxious feelings, variability in moods, easily irked nature, and depressive states.