Courts Will Apply a Subjective Standard When Examining the Existence

question 12

True/False

Courts will apply a subjective standard when examining the existence of offer and acceptance by the parties when creating an agency relationship.

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Definitions:

Imports

Goods or services brought into one country from another for sale or use.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between options.

Comparative Advantage

The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than others.

Trade Deficit

The economic condition that arises when a country imports more goods and services than it exports.