Bradford Entered into a Purchase and Sale Agreement with Frank

question 11

True/False

Bradford entered into a purchase and sale agreement with Frank, the vendor, to purchase a building lot for $45,000. Bradford arranged for a survey of the property, and the completed survey revealed that the width of the lot was narrower than the width stipulated in the purchase agreement. Where the parcel of land actually owned by the vendor is less than the parcel which the vendor has agreed to sell, the purchaser may still take the land, but demand an abatement of the purchase price.

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Definitions:

Supply

The total amount of a product or service that is available for purchase at various prices in a given market.

Price-Elasticity

A measure that indicates how much the quantity demanded of a good responds to a change in the price of that good, with high elasticity indicating a significant response to price changes.

Supply Schedule

is a table or graph showing the quantity of a good that suppliers are willing to sell at different prices over a specific period.

Price Ranges

The spectrum of prices at which a particular good or service is sold in the market.