Examlex
Prices have soared for parking facilities in downtown Dallas in recent months. Pressure from voters has convinced the Dallas City Council to impose a price ceiling of $5 on all parking garages and lots per day. What effect will this likely have on the market for parking spaces in Dallas? Who will gain? Who will lose?
Good Faith
The genuine intention to act without taking an unfair advantage over another party in a transaction.
Honest In Fact
A standard requiring parties in certain transactions to act with genuine intent without deceit or fraud.
Commercial Standards
Agreed-upon practices or criteria within a business sector regarding the quality and conduct of commercial activities.
Implied Warranty
A warranty that is not explicitly stated but is assumed in a sale, ensuring the product is fit for the intended purpose.
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