A Basic Fact or Assumption in a Contract Is Said

question 26

Short Answer

A basic fact or assumption in a contract is said to be ________ to the contract.

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Definitions:

Moral Judgment

The process of determining the rightness or wrongness of actions, often based on ethical principles.

Opportunity Costs

The cost of missing out on the top alternative by deciding on another option.

Scarce Resources

Natural, human, and artificial resources that are limited in supply and cannot satisfy all human wants and needs.

Secondary Effects

The unintended consequences of economic actions, which can occur as indirect results of a policy or event.