External Benefits Are Those That Accrue

question 45

Multiple Choice

External benefits are those that accrue:

• A) directly to the decision maker of a market exchange.
• B) indirectly to the decision maker of a market exchange.
• C) without compensation to someone other than the person who caused it.
• D) to the government without its direct intervention.

Understand the historical context and evolution of commercial law, including the incorporation of the law merchant into national legal documents.

Recognize the basic principles and elements involved in forming, enforcing, and interpreting contracts.

Differentiate between various types of contracts (bilateral, unilateral, express, implied-in-fact, and quasi-contracts).

Identify the conditions under which a contract may be void, voidable, unenforceable, or illegal.

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Definitions:

Chili

A spicy stew containing chili peppers, meat (usually beef), and often tomatoes and beans. Other seasonings may also be included.

Chili Cheese Fries

A popular fast food dish consisting of french fries topped with chili and melted cheese.

Pizza Price

The cost at which a pizza is offered for sale, which can vary based on location, ingredients, and establishment.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell.