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Fact Pattern 20-B1 (Questions B16-B18 apply)
Ripe Produce, Inc., and Southeast Asian Bistro & Market enter into a contract for the delivery of locally grown fruits and vegetables. The parties use a standard Ripe Produce form that contains some of the terms the parties agree on but not others. Some of the produce spoils before it can be cooked, served, and eaten, or sold. Southeast Asian refuses to pay for the spoiled goods.
-Refer to Fact Pattern 20-B1. Ripe Produce responds that it did not waive payment for spoiled goods in the parties' previous transaction. Ripe Produce is arguing that the court should take into account
Mercantilist Economy
An economic theory and practice dominant in modern Europe, advocating for governmental regulation of a nation's economy to augment state power at the expense of rival national powers.
Traditional Economy
An economic system rooted in historic practices and customs, relying on barter and subsistence farming, often with minimal use of technology.
Command-based Economy
An economic system where production, investment, prices, and incomes are determined centrally by a government.
Discretionary Income
The amount of an individual's income that is left for saving, investing, or spending after taxes and basic necessities have been paid.
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