The High and Rising Price of Lobsters Is Not Necessarily

question 10

True/False

The high and rising price of lobsters is not necessarily indicative of monopoly in the lobster-fishing market.

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Definitions:

Standardized Contract

A pre-determined, template agreement used in numerous transactions without substantial modification.

Negotiable

Capable of being transferred or modified through discussion or bargaining; also refers to financial instruments that can be transferred freely.

Quasi-Contract

The doctrine by which courts imply, as a matter of law, a promise to pay the reasonable value of goods or services when the party receiving such goods or services has knowingly done so under circumstances that make it unfair to retain them without paying for them.

Express Promise

is a clear and explicit commitment or assurance given by one party to another, typically in a contractual context.