Most Courts Have Applied Traditional Contract Law Principles to Con?tracts

question 17

True/False

Most courts have applied traditional contract law principles to con?tracts formed online.

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Definitions:

Market

A place or scenario where buyers and sellers interact to trade goods, services, or information, often regulated by supply and demand.

Imperfect Competition

A market structure where the conditions necessary for perfect competition are not satisfied, characterized by factors like different products and barriers to entry.

Market Power

The ability of a firm or group of firms to influence the price of a good or service in the market, often through controlling supply, demand, or both.

Inefficiency

Occurs when resources are not used in the most effective way, resulting in wasted resources or lost opportunities, often identified in markets with monopolies or restrictive trade practices.