Extraordinary Difficulties That Were Unforeseen at the Time a Contract

question 34

True/False

Extraordinary difficulties that were unforeseen at the time a contract was formed do not justify a demand for additional compensation.

Recognize the regressive nature of certain taxes and why.

Understand the basis of the benefits-received principle of taxation and the ability-to-pay principle.

Understand the changes in government spending and tax structure from 1960 to 2018.

Grasp the concept of deficit spending and its impact on national debt.

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Definitions:

Reality Principle

A concept in psychoanalytic theory referring to the ability of the mind to assess the external world and act upon it accordingly, often in contrast to the pleasure principle.

Ego

In psychoanalytic theory, the part of the personality that mediates between the desires of the id and the constraints of the real world.

Superego

In psychoanalytic theory, the part of a person's mind that acts as a self-critical conscience, reflecting social standards learned from parents and others.

Ideals

Concepts or standards of perfection or excellence that are typically regarded as something to be aimed for.