When an Enforceable Contract Does Not Exist,the Court May Grant

question 27

True/False

When an enforceable contract does not exist,the court may grant a recovery based on quasi-contract in order to prevent an injustice from occurring.

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Definitions:

Monopolistically Competitive

An economic model where numerous companies offer products that are alike but not exactly the same, granting them a certain level of influence over the market.

Profit-Maximizing Quantity

The level of output at which a company achieves the highest possible profit, where marginal cost equals marginal revenue.

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical, allowing for significant differentiation and some degree of market power.

Total Revenue

The total amount of money received by a firm from sales of its products or services.