Cartel Members Have an Incentive to Cheat on the Cartel

question 54

Multiple Choice

Cartel members have an incentive to cheat on the cartel because:

• A) the cartel does not maximise profits.
• B) the cartel price is the competitive price.
• C) each member's output quota is too high.
• D) each members MR is not equal to the cartel's MC.

Identify and explain the exceptions to the parol evidence rule.

Distinguish between conditions precedent and subsequent in contract law.

Understand how electronic transactions are treated under laws related to the statute of frauds.

Understand the concept of fraudulent misrepresentation and its requirements, including intent and scienter.

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Definitions:

Gem Vehicles

Electric vehicles produced by Global Electric Motorcars, known for their eco-friendly and compact designs suitable for low-speed transportation needs.

F.O.B.

An international commercial term defining at which point the risk and expense of shipped goods transfer from the seller to the buyer; F.O.B. stands for "Free On Board."

C.I.F.

Stands for Cost, Insurance, and Freight, a term used in international trade where the seller is responsible for covering the costs, insurance, and freight of delivering goods to a specified port.

Transportation Costs

Expenses associated with the movement of goods or people from one location to another. These can include fuel, labor, and maintenance expenses.