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Table 3-27
Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a constant rate.
-Refer to Table 3-27. The opportunity cost of 1 parasol for Huang is
Preexisting Contract
An agreement that was already in place before certain actions were taken or before a dispute arose.
Modification
The act of making changes or alterations to something, such as a document or agreement, often to improve it or make it more suitable.
Past Consideration
Refers to something given or an action that has been taken in the past, which cannot legally serve as a consideration for a present contract.
Statute of Limitations
A legal rule setting the maximum time period in which certain actions can be brought to court or certain rights enforced, after which claims are barred regardless of merit.
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