From Which of the Following Does an Implied Contract Result

question 12

Multiple Choice

From which of the following does an implied contract result?

• A) the terms of the spoken agreement
• B) the legally worded contract
• C) the oral agreement of the parties involved
• D) the written contract
• E) the actions of the parties involved

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Definitions:

Elasticity

A measure of how much the quantity demanded of a good or service changes in response to a change in its price or other factors, such as consumers' income.

Labor Demand

The total amount of workers that employers are willing and able to hire at a given wage rate in a particular market or industry.

Wage Rate

The amount of money paid to a worker per unit of time, serving as compensation for labor services.