In the Presence of Several Witnesses,A Verbally Agreed to Purchase

question 47

True/False

In the presence of several witnesses,A verbally agreed to purchase B's farm for $175,000.The next day,B changed his mind,and refused to sell the farm to A.On the strength of the verbal agreement of purchase and sale made in the presence of witnesses,A sued B for breach of contract and for a decree of specific performance to compel B to sell him the farm.The verbal agreement is void.

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Definitions:

Marginal Revenue Product

The additional revenue generated from using one more unit of a resource.

Additional Revenue

The increase in income received from selling one more unit of a product or service.

Additional Unit

The next unit of production, referring to the increase in quantity by one unit.

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production, such as labor or capital.