Ray Contractors Have Agreed to Build Yen's House for $25,000

question 58

Essay

Ray Contractors have agreed to build Yen's house for $25,000 in two years. However, six months after the work began, Ray Contractors demand an additional $5,000 from Yen to complete the work. Yen agrees, but when the work was completed, Yen pays Ray Contractors only $20,000. Ray decides to sue Yen. Analyze the case.

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Definitions:

Federal Trade Commission Act

A 1914 United States federal law that established the Federal Trade Commission (FTC) to prevent unfair competition and deceptive practices in the marketplace.

Importance

the significance or value attached to something based on its relevance or impact.

Sherman Act

A foundational United States antitrust law enacted in 1890 to prohibit monopolies and practices that restrained trade and competition.

1890

A year significant in economic history, notably for the Sherman Antitrust Act's passage in the United States to combat anti-competitive practices.