Joe,a University Student,commuted to and from Classes by Public Transit

question 39

True/False

Joe,a university student,commuted to and from classes by public transit.He decided that he had to buy a car because the bus service was terrible.Ryan was discussing this problem with Joe and said that he wanted to sell his car in order to purchase a motorcycle.Knowing the car's good condition,Joe said he would buy it.Ryan told him to come by to pick up the car in two days.Neither of them know that Ryan roommate had borrowed the car that day and had destroyed it in an accident.This is not a cause of mistake of fact because the two were both clear as to the subject matter of the contract.

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Definitions:

Economic Efficiency

A state where resources are allocated in the most beneficial way for society, maximizing productivity while minimizing waste and inefficiency.

Brand Loyalty

The tendency of consumers to continuously purchase products from the same brand instead of switching to competitors.

Entry Barriers

Obstacles that make it difficult for new competitors to enter a market or industry.

Substitute Products

Products that can serve as replacements for one another; when the price of one increases, the demand for the substitute is likely to increase.