If Demand for a Good Is Very in Elastic,make Up

question 15

Short Answer

If demand for a good is very in elastic,make up a number to represent its elasticity._____

Understand the circumstances under which a contract might be considered void due to mistakes.

Identify the legal remedies available when a contract is entered into on the basis of misrepresentation, undue influence, or duress.

Differentiate between statutory and equitable assignments in contract law.

Comprehend the privity of contract rule and its exceptions.

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Definitions:

Purchase

The act of buying goods or services, typically involving a monetary transaction.

Inheritance

Assets or rights received from a deceased person's estate by their heirs or designated beneficiaries.

License

A legal permission allowing the licensee to do something that would otherwise be prohibited, often concerning intellectual property or specific activities.

Temporary Right

A limited-time entitlement or permission granted to an individual or entity for a specific purpose or activity.