A Simplified Representation of the Real World That Is Used

question 10

Multiple Choice

A simplified representation of the real world that is used to help explain economic phenomena is

• A)a conclusion.
• B)an assumption.
• C)an implication.
• D)a model.

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Definitions:

Risk of Loss

A legal term denoting the liability for damage to goods in a sales contract, determining who bears the risk if the goods are damaged or lost.

Merchant

A person who deals in goods of the kind sold in the ordinary course of business or who otherwise claims to have knowledge or skills peculiar to those goods.

Allegation of Fraud

An assertion that someone has engaged in deceitful practices in violation of the law, typically involving financial transactions.

Voidable Title

Title that may be voided if one of the parties elects to do so.