When a New Good Is Introduced, Consumers Have More Variety

question 187

True/False

When a new good is introduced, consumers have more variety from which to choose, and this in turn increases the cost of maintaining the same level of economic well-being.

Know the requirements for a binding contract, including mutual assent, consideration, legality of object, and contractual capacity.

Identify the governing laws for different types of contracts (goods, services, employment).

Understand the principles of enforceability for noncontractual promises based on justifiable reliance.

Recognize when a contract is voidable due to material misrepresentation.

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Definitions:

Vas Deferens

One of two tubes that transport sperm from the epididymis to the ejaculatory duct within the prostate gland.

Sterilization

A medical procedure that renders a person unable to reproduce, which can be achieved through surgical methods or other forms of contraception.

Scrotum

A pouch of skin that holds the two testes.

Vacuum Aspiration

A first-trimester form of abortion using vacuum suction to remove the conceptus and other tissue from the uterus.