An Oral Contract Is Not Enforceable Unless the Parties Admit

question 59

True/False

An oral contract is not enforceable unless the parties admit to its existence in court.

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Definitions:

Economic Welfare

The overall well-being and standard of living of people in terms of the quantity and quality of goods and services available to them.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Tariff Revenue

The income earned by a government from imposing taxes on imported goods.

Import Quota

An import quota is a government-imposed limit on the quantity or value of goods that can be imported into a country.