A Markup Is the Dollar Amount Added to the Cost

question 213

True/False

A markup is the dollar amount added to the cost of products to get the selling price.

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Definitions:

Equitable Remedy

A remedy provided by courts in cases where monetary damages are insufficient to resolve a legal dispute, involving actions like specific performance or injunction.

Specific Performance

A legal remedy requiring a party to perform a specific action as outlined in a contract, rather than merely paying damages for failing to do so.

Illegal Contracts

An illegal contract is one that involves activities or terms that are against the law or public policy and is therefore unenforceable in a court of law.

Consideration

In contract law, something of value exchanged between parties, which is essential for the formation of a valid contract.