Which of the Following Might Limit the Amount of Wealth

question 149

Multiple Choice

Which of the following might limit the amount of wealth a utilitarian would redistribute from rich to poor?

• A) incentives
• B) perceptions
• C) price
• D) utility

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Definitions:

Promissory Estoppel

A legal principle preventing a party from withdrawing a promise if the other party reasonably relied on that promise and acted upon it to their detriment.

Part Performance

A legal doctrine that allows a court to enforce an otherwise unenforceable contract based on a party's partial completion of the contract terms.

Statute of Frauds

A law requiring certain types of contracts to be in writing and signed to be enforceable.

UCC's Writing

Refers to the requirement under the Uniform Commercial Code that certain contracts, to be enforceable, must be in writing.