Without Trade, Specialization Is Impractical

question 201

True/False

Without trade, specialization is impractical.

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Definitions:

Parol Evidence Rule

A legal principle that prevents parties to a written contract from presenting extrinsic evidence of terms that contradict or modify the written terms of the contract.

Obligor

A person or entity legally bound to provide a benefit or payment to another under the terms of a contract.

Statute of Frauds

A rule of law stipulating that specific kinds of agreements must be documented and signed in order to be legally binding.

Uniform Commercial Code

A compilation of legal regulations and guidelines that dictate the conduct of business transactions and operations in the United States.