Even If the Terms of a Contract Express Such Certainty

question 70

True/False

Even if the terms of a contract express such certainty of performance that the promisor has not definitely promised to do anything, the promise binds the promisor.

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Definitions:

Efficient Amount

This refers to the quantity of a good or service that maximizes social welfare, where the marginal benefit to consumers equals the marginal cost of production.

Marginal Benefit

The incremental benefit or pleasure derived from consuming one more unit of a good or service.

Efficient Level

The level of output where a firm or economy is maximizing its productivity and minimizing waste within its resources.

Tax

An obligatory financial contribution or different kind of levy enforced on an individual or entity by a government agency for the purpose of funding government activities and diverse public costs.