Bob Signed an Agreement with Joe Under Which Bob Agreed

question 17

Multiple Choice

Bob signed an agreement with Joe under which Bob agreed to purchase all the hay that Joe grew during the coming growing season.This contract will be

• A)unenforceable due to its vagueness.
• B)unenforceable due to the difficulty of devising an appropriate remedy for a breach.
• C)enforceable as long as both parties act in good faith and Bob doesn't suddenly demand more hay than what was reasonably estimated.
• D)unenforceable unless state real estate law makes an exception.

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Definitions:

Economic Crisis

A period of financial instability which may involve a recession, high unemployment, and a steep decline in market value of assets.

Housing Boom

A period characterized by significantly increased real estate activity and rising housing prices, typically driven by economic factors and low interest rates.

Housing Bust

A rapid decline in the market prices of residential properties, often following a period of unsustainable growth or speculation, leading to widespread financial and economic distress.

Fannie Mae

A government-sponsored enterprise (GSE) established to expand the secondary mortgage market by making mortgages more accessible to low- and middle-income borrowers.