To Be Enforceable,a Contract for a Sale of Goods Priced

question 34

True/False

To be enforceable,a contract for a sale of goods priced at $50 or more must be in writing.

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Definitions:

Potential Competitors

Firms that are not currently in a market but have the capacity to enter if they choose.

Price-Elastic

Price-elastic refers to the responsiveness of the quantity demanded or supplied of a good to a change in its price; high elasticity means quantity changes significantly with price changes.

Amtrak Train Service

A government-owned corporation that provides intercity passenger train service in the United States.

Other Passengers

Individuals sharing a transport service such as a bus, plane, or carpool, not including the service provider or driver.