An Implied-In-Fact Contract Is an Actual Contract

question 53

True/False

An implied-in-fact contract is an actual contract.

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Definitions:

Private Supply

The provision of goods or services by businesses or individuals rather than by the government.

Marginal Social Cost

The total cost society pays for the production of an additional unit of a good or service, including both private costs and any external costs.

Public Beach

A beach area open to the general public, often maintained by a governmental entity, providing access to the shoreline without private ownership restrictions.

Common Resource

A type of good that is non-excludable and rival in consumption, such as public parks or fish in the ocean.