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:

Monopolist

A single seller in a market who has significant control over the entire market for a product or service, often able to influence price.

Monopolist

An individual or entity that holds exclusive control over the supply of a particular good or service, often characterized by the absence of competition.

Produced Output

The total quantity of goods or services created by a production process.

Industry

The collective group of businesses and activities involved in the manufacture, production, or supply of goods and services.