Sam and Tiffany Enter into an Implied-In-Fact Contract

question 25

Multiple Choice

Sam and Tiffany enter into an implied-in-fact contract. This is a contract in which the parties' conduct

• A) defines the contract's terms.
• B) finds the contract's facts.
• C) terminates any unintended consequences.
• D) undercuts any terms based on the facts.

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Definitions:

Indifference Curves

Graphical representations used in microeconomics to show different combinations of two goods or services among which a consumer is indifferent, indicating the same level of satisfaction or utility for each combination.

Optimal Consumption

The point at which a consumer maximizes his or her satisfaction or utility from the consumption of goods and services, given a budget constraint.

Loaves

Typically refers to units of bread shaped and baked in specific sizes and forms but does not directly correlate to a distinct economic term.

Pounds

A unit of weight in the imperial system, equal to 16 ounces or approximately 0.453592 kilograms.