Which of the Following Is a Change That Took Place

question 16

Multiple Choice

Which of the following is a change that took place in the legal system that led to the development of contract law in the process?

• A) Courts began to shift their emphasis from protecting consumers and workers to protecting business and promoting industrialization.
• B) Courts today are not willing to consider defenses based on inequality of bargaining power between the parties.
• C) Courts tend to view with great suspicion attempts by manufacturers to limit their responsibility for their products by contract.
• D) Courts are not given the authority to control any contractual relationships as they are left to private bargaining.

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Definitions:

Numeraire

A unit of account or standard measure in economics used to compare the value of goods or services.

Pareto Optimal

Another term for Pareto Efficient; describes a situation where no one's condition can be improved without worsening someone else's condition.

Initial Endowment

The initial quantity of goods, services, and assets that an individual, organization, or economy possesses.

Pareto Optimal

An allocation of resources from which it is impossible to reallocate without making at least one individual worse off.