the correct answer to be filled in the blanks are low and low
Monopolistic competition-
Monopolistic competition characterizes an enterprise wherein many companies provide services or products which are comparable (however now no longer perfect) substitutes. Barriers to entry and go out in a monopolistic competitive enterprise are low, and the choices of any individual organization now no longer immediately have an effect on the ones of its competitors. Monopolistic opposition is intently associated with the commercial enterprise method of brand differentiation.
Monopolistic opposition takes place while an enterprise has many companies providing merchandise which are comparable however not identical. Heavy advertising and marketing are normal amongst companies in monopolistic opposition and many economists criticize this as wasteful.
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The key in using expert opinion to help forecast demand is ________; that is, comparing estimates produced by different sources. morphing indemnification simulation triangulation modeling
The key in using expert opinion to help forecast demand is triangulation; that is, comparing estimates produced by different sources.
What is triangulation?Triangulation refers to a strategy, used by researchers to test the validity through collection of information from various sources.
In other words, triangulation is a method of finding the location of an object based on measurements made from two other locations
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Assume that the drug passed FDA approval process. Suppose that the market size is 30 mil., market share is 30%, production and advertising costs are $50 mil. What is the profit on this drug in millions (ignore the R&D costs that have already been incurred)?
Based on the revenue per customer, the market share, and the production and advertising costs, the profit on this drug is $58 million .
How much profit does the drug bring in?First find the number of customers the company will sell to:
= 30 million x 30% market share
= 9 million people
The profit is:
= (Number of customers sold to x revenue per customer) - production and advertising costs
= (9 million x 12) - 50 million
= $58 million
Relevant part of the question is:
Revenue per customer is expected to be $12. Production and advertising costs run between $20 and $70 million with $50 million the most likely amount (triangular distribution seems appropriate).
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You are given the following information about the open economy of Macroland for 2014: - GDP $100 billion - Consumption $70 billion - Tax revenues $15 billion - Transfer payments $8 billion - Government spending $20 billion - Exports $10 billion - Imports $12 billion a. What is the level of investment spending in Macroland in 2014? b. What is the level of capital inflow for Macroland in 2014? Is Macroland borrowing from foreigners or lending to foreigners? Explain your answer. c. What is private savings equal to in Macroland in 2014? d. What is the government budget balance equal to in Macroland in 2014? e. Does national savings + capital inflow equal investment spending for this economy in 2014? Explain your answer. f. Is the government of Macroland saving or borrowing funds in 2014? Explain your answer.
The investment spending equals $12 billion, capital inflow equals -$2 billion, private savings equals $15 billion, budget balance equals -$5 billion.
What is the level of investment spending?National income formula is "Y" = C + I + G + X - M
100 = 70 + I + 20 + 10 - 12
100 = I + 88
I = $12
Hence, the Investment spending equals $12 billion
What is the level of capital inflow?Y = C + I + G + XM
XM = Y - C- I - G
XM = 100 - 70 - 12 - 20
XM = -$2 billion
What is private savings?S = Y - T - C
S = 100 - 15 - 70
S = $15
What is the government budget balance?Balance = T - G
Balance = 15 - 20
Balance = -$5
Is the government saving or borrowing funds?Because the budget balance is in deficit, then, the government is borrowing funds to finance its budget.
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Dane Company has a break-even point of 120,000 units. If the firm's sole product sells for $40 and fixed costs total $480,000, the variable cost per unit must be:
Based on the breakeven point and the selling price of the product, the variable cost per unit is $36
What is the variable cost per unit?First, find the contribution margin:
Breakeven = Fixed costs / Contribution margin
120,000 = 480,000 / Contribution margin
Contribution margin = $4
The variable costs are:
= Selling price - contribution
= 40 - 4
= $36
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Calculate the following financial ratios. TIP: If you don't remember how to calculate financial ratios, review the Calculating Financial Ratio pages from Lesson 2 of this unit.
The financial ratio on a financial statement or items gives an insight on the firm financial position.
What is a financial ratio?This refers to the ratio that is used to calculate a company's financial status or production against other firms.
Most decision-users makes use of these financial tool to analyse and gain information about the finance of a company's history or the entire business sector.
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what are some strategies that you can use to prepare to file taxes each year? What would be he benefits of these strategies?
Strategies which can be used to prepare for filing taxes each year are by keeping a proper record of expenses and receipts by filling them out, sorting out each piece of documentation that will be required at the time of filing tax, and one can create folders and sub-folders also.
The benefits of these strategies are:
It will help in avoiding added penalties or interests.
It will keep track of future refunds.
A portion or the entire refund can be used to pay back any owed taxes, among other things.
What is tax filing?"Tax filing" or "tax return" means filing a document with a tax authority. In that document, reports about income, expenses, and information about other financial activities are filled in.
Filing a tax return is entirely dependent on income. There are certain guidelines within which one can file a tax.
Therefore, with the usage of strategies, one can prepare tax file each year.
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What type of plan should be in place in the event an employee or leader needs to be replaced?.
An emergency succession plan should be in place in the event an employee or leader needs to be replaced.
An emergency succession plan is installed in place when a key leader wishes to be replaced unexpectedly. a long-term succession plan, however, allows the enterprise to account for expected adjustments in management.
Alternative planning is the method of identifying brief-term and lengthy-term emergency backups to fill crucial positions or to take the area of important people. quick-time period replacement making plans makes a specialty of finding backups at the same time as an important character is out for a brief time, which includes on an excursion or out unwell.
The reason for succession making plans is to ensure a business enterprise usually has the right leaders in location have to an alternate take place fast. by using failing to create an orderly plan for succession, your corporation won't get a 2nd risk if it doesn't adapt right now after a key participant leaves the corporation or passes away.
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Mary has just been asked to analyze an investment to determine if it is acceptable. Unfortunately, she is not being given sufficient time to analyze the project using various methods. She must select one method of analysis and provide an answer based solely on that method. Which method do you suggest she use in this situation
Mary should choose the Net Present Value method.
What is Net Present Value method?The Net Present Value Method (NPV) takes into account the time value of money, i.e. recognizes that cash-flows that are received sooner are worth more than cash-flows that are received in later years, and this method does this by discounting the expected cash-flows using the projects cost of capital. It therefore takes into consideration the cost of capital and the risk inherent in making projections about the future unlike the Payback method
The NPV method also tells us in dollars terms, if the investment is profitable or not, and by how much. Therefore, using this method, it is very easy to rank different projects in terms of profitability and to choose between competing investments .
The results are also not distorted in situations where the investments being analyses have more that one cash out-flow during the investment period as would happen with the Internal rate of return which can give multiple solutions. This also makes the NPV superior to the Profitability index where different investments can have the same index but are vastly different in terms of absolute dollar profitability.
Therefore, we can conclude that the correct option is C.
Your question is incomplete, but most probably your full question was:
Mary has just been asked to analyze an investment to determine if it is acceptable. Unfortunately, she is not being given sufficient time to analyze the project using various methods. She must select one method of analysis and provide an answer based solely on that method. Which method do you suggest she use in this situation?
A. Internal rate of return
B. Payback Liquidity method
C. Net present value
D. Profitability index
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When young people are first entering the workforce and establishing themselves in their career, what do they tend to consider as the most important
They tend to consider extrinsic rewards as the most important.
Extrinsic rewards:
A tangible and obvious reward provided to a person or employee for accomplishing something is known as an extrinsic rewards. They typically have a monetary value, such as a raise in pay, a bonus, an honour, or public acclaim. They are typically proposed by the person's immediate management, who chooses them.
Examples of extrinsic rewards in the workplace
Job perks and flexible work arrangements.Corporate gifts.Bonuses.Wage increases or promotions.Profit-sharing programs.Learn more about extrinsic rewards here:
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Restrictive practices are characterized as... Group of answer choices Practices that prevent firms from entering certain markets. Practices that restrict the number of consumers who may purchase a product Practices the reduce competition without outright agreements to raise price or reduce quantity Practices that promote competition by restricting monopolies
The Correct Answer is - Option (3) Practices that reduce competition without outright agreements to raise price or reduce quantity.
What are Restrictive Practices?Antitrust law includes rules against restrictive practices—practices that do not involve outright agreements to raise price or to reduce the quantity produced, but that might have the effect of reducing competition Antitrust cases involving restrictive practices are often controversial, because they delve into specific contracts or agreements between firms that are allowed in some cases but not in others.For example, if a product manufacturer is selling to a group of dealers who then sell to the general public it is illegal for the manufacturer to demand a minimum resale price maintenance agreement, which would require the dealers to sell for at least a certain minimum price. . A minimum price contract is illegal because it would restrict competition among dealers. However, the manufacturer is legally allowed to “suggest” minimum prices and to stop selling to dealers who regularly undercut the suggested price.Key Concepts and SummaryAntitrust laws prevent businesses from openly collaborating to create cartels that would lower output and increase prices. Companies occasionally try to circumvent these constraints in other ways, and as a result, several antitrust actions involve anticompetitive tactics such tie-in sales, bundling, and predatory pricing.
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Correct Question - Restrictive practices are characterized as :
1) Practices that prevent firms from entering certain markets.
2) Practices that restrict the number of consumers who may purchase a product
3) Practices that reduce competition without outright agreements to raise price or reduce quantity
4) Practices that promote competition by restricting monopolies.
Which strategy is most effective in minimizing political risks for a multinational corporation in situations in which the technology is unique and the
Licensing is the strategy is most effective in minimizing political risks for a multinational corporation in situations in which the technology is unique and the risk is high.
A transfer-related market entry method is licensing. It entails one company (referred to as the licensor) authorizing another company to utilize its intellectual property for a predetermined amount of time.
A corporation receives money from licensing agreements, known as royalties, for enabling another company to utilize its copyrighted or patented content. Songs, sports team logos, intellectual property, software, and technology are a few examples of things that can be licensed.
Disclaimers
Which strategy is most effective in minimizing political risks for a multinational corporation in situations in which the technology is unique and the risk is high?
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An example of ________ would be when a manager expects employees to perform badly, they probably will, and when the manager expects them to perform well, they probably will.
An example of a self-fulfilling prophecy would be when a manager expects employees to perform badly, they probably will, and when the manager expects them to perform well, they probably will.
The self-fulfilling prophecy is a psychological phenomenon in which someone "predicts" or expects something, and that "prediction" or expectation is realized solely because he or she believes or expects to do so. And the resulting behavior of the person is adjusted to meet the belief
.
Self-fulfilling prophecy, also known as the interpersonal expectation effect, refers to a phenomenon in which one person or group expects the behavior of another person or group helps to actually achieve the prophecy or expected behavior.
An example of a self-fulfilling prophecy is the placebo effect. This is when a person experiences positive results because he expects an inert "similar" substance or treatment to work, despite the lack of known medical effects.
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A sales tax imposed on sellers shifts the supply curve leftward for the taxed good because the.
Option 1. Tax is paid by the seller to the government and is, therefore, like a cost of production.
Since sellers have to pay tax to the government, it decreases the effective price received by the seller (= post-tax equilibrium price - Unit tax), so sellers produce less, decreasing market supply.
Tax incidence is the manner in which the tax burden is divided between buyers and sellers. The tax incidence depends on the relative price elasticity of supply and demand. When supply is more elastic than demand, buyers bear most of the tax burden.
When a tax is imposed on the buyers of a good, the demand curve shifts downwards with respect to the amount of tax imposed, thus causing the equilibrium price and quantity of commodities demanded to reduce.
Your question is incomplete. please read below to find the full content.
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Pepper Company provided the incomplete financial statements shown below as well as the following additional information: 1. All sales during the year were on account. 2. There was no change in the number of shares of common stock outstanding during the year. 3. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change during the year. 4. Selected balances at the beginning of the current year were:
Accounts receivable $ 270,000
Inventory $ 360,000
Total assets $ 1,800,000
e. Selected financial ratios computed from the statements below for the current year are:
Earnings per share $ 2.30 Debt-to-equity ratio 0.875 Accounts receivable turnover 14.0 Current ratio 2.75 Return on total assets 18.0 %
Times interest earned ratio 6.75 Acid-test ratio 1.25 Inventory turnover 6.5 Required:
Compute the missing amounts on the company's financial statements.
The missing amounts on the company's financial statements include the current asset of $880000, quick asset is $400000 and an inventory of $480000.
How to calculate the asset?Based on the information given, it should be noted that the current assets will be:
= Current liability × Current ratio
= $320000 × 2.75
= $880000
The quick assets will be:
= $320000 × 1.25
= $400000
The inventory will be:
= $880000 - $400000
= $480000
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Explain the differences between qualitative and quantitative forecasting techniques and when each one is appropriate to use in forecasting.
Qualitative forecasting is based on the information that cannot be measured while quantitative forecasting relies on historical data.
What is forecasting?It should be noted that forecasting uses historical data to predict future trends.
In this case, qualitative forecasting is based on the information that cannot be measured while quantitative forecasting relies on historical data.
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A mortgage clause that states that the mortgage is due and payable upon certain conditions, such as non-payment is: Select one: a. Prepayment. b. Subordination. c. Defeasance. d. Acceleration.
A mortgage clause that states that the mortgage is due and payable upon certain conditions, such as the non-payment is the option(d) i.e, the Acceleration clause.
What is a mortgage clause?A provision in an insurance policy (such as a fire insurance policy) that allows the designated mortgage to receive payment for property damage or loss.
There are different types of clauses:
Acceleration clauseDue-On-Sale clausePrepayment Penalty clauseSubordination clause Release clauseIf the borrower breaches the conditions of the agreement, an acceleration clause in a mortgage or trust deed states that the entire obligation is payable immediately. Additionally, it will specify the circumstances under which a lender may request full loan payback. For instance, home loans frequently feature an acceleration provision that kicks in after a certain number of missed payments.
Most of the time, it is harmful to accelerate a loan. Typically, it denotes that the borrower has fallen behind on payments or broken the terms of the agreement, and the lender is requiring prompt repayment of the whole loan balance to avoid foreclosure.
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A homebuyer took out a $350,000 30-year fixed rate loan at 4.5% interest with a monthly payment of $1,773.40. After making two monthly payments the principal balance of the loan will have been reduced by a total of: Select one: a. $923.53. b. $460.90. c. $957.38. d. $892.12.
The principal balance of the loan will have been reduced by a total of: a. $923.53.
Principal balance of loanFirst step
First month's payment:
Annualized interest=$350,000 ×.045
Annualized interest = $15,750
First month's interest=$15,750/12
First month's interest= $1,312.50
First month's principal reduction=$1,773.40- $1,312.50
First month's principal reduction= $460.90
Remaining balance=$350,000 -$460.90
Remaining balance= $349,539.10
Second step
Second month's payment:
Annualized interest=$349,539.10 × .045
Annualized interest = $15,729.30
Second month's interest=$15,729.30/ 12
Second month's interest= $1,310.77
Second months principal reduction= $1,773.40 -$1,310.77
Second months principal reduction = $462.63
Third step
Total principal reduction after 2 payments=$460.90 + $462.63
Total principal reduction after 2 payments = $923.63
Therefore the correct option is A.
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Which of the following explain the concept of explicit costs? (Check all that apply.) Multiple select question. A firm's monetary payments made for the use of resources owned by others. A firm's monetary payments that self-employed resources could have earned in their best alternative use. A firm's monetary payments to those who supply labor services, materials, fuel, and transportation services. A firm's monetary payments received for the use of resources owned by the firm.
The phrase "explicit costs" refers to a company's monetary payments to individuals who provide labor, materials, fuel, and transportation services as well as payments paid for the use of resources that belong to other people. The correct option is (a) & (c) .
What is labor specialization?When businesses separate their production or service process into many fixed tasks, specialization of labor, also known as division of labor, develops. Employees don't complete numerous tasks themselves; instead, they repeat a single step of the production process.The marginal-cost, average-total-cost, and average-variable-cost curves all move up.YWhat is division of labor and specialization in economics?
When a worker is specialized, they only carry out a small number of different jobs. In the context of businesses, it alludes to many businesses that specialize in manufacturing various items or services. When a good or service is produced, various workers are assigned to distinct duties. This is known as division of labor.Learn more about labor specialization
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Freezing narco-barons' assets at international banks falls under which diplomatic, informational, military and economic (DIME) activity?
Freezing narco-barons' assets at international banks fall under economic activity.
Asset freezing is a type of temporary or preliminary injunction that forbids a party to a lawsuit from managing or disposing of its assets in an effort to thwart a future ruling. Other common law jurisdictions largely acknowledge it, and such orders may be designed to have a global impact.
Assets must be frozen, seized, and confiscated in order to preserve physical evidence of a crime or to stop the suspect from disposing of or enjoying the proceeds of a crime.
An asset freeze bans a person or organization from dealing with any money or resources that belong to the person who is the target of the freeze. The delivery of money or other non-monetary assets like property or vehicles is also prohibited for the people.
Until the assets are unfrozen, they are kept by the banks that owned the assets at the time they were frozen. The American government does not seize ownership.
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On April 1, Cyclone Company purchases a trencher for $286,000. The machine is expected to last five years and have a salvage value of $43,000. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the straight-line method.
The depreciation expense at December 31 for both the first year and second year is :
2016 - $36,450
2017 - $48,600
What is Straight line Depreciation ?With the straight line depreciation method, the value of an asset is reduced uniformly over each period until it reaches its salvage value. Straight line depreciation is the most commonly used and straightforward depreciation method for allocating the cost of a capital asset. It is calculated by simply dividing the cost of an asset, less its salvage value, by the useful life of the asset.
Using the straight-line method, the formula for annual depreciation expense is:
(cost – salvage value) / useful life = Annual depreciation expense
Where:
Cost of the asset is the purchase price of the asset.
Salvage value is the value of the asset at the end of its useful life.
Useful life of asset represents the number of periods/years in which the asset is expected to be used by the company.
So, The straight line depreciation for the machine would be calculated as follows:
Straight line depreciation expense = (Cost of asset - Salvage value)
useful life
= ($286,000 - $43,000) / 5 = $48,600
The depreciation expense each year would be $48,600 except in 2016 because it the machine was only used for 9 months
Depreciation expense in 2016 = (9 / 12) x $48,600 = $36,450
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What type of estimate is a cost estimation tool that involves estimating individual work items or activities and summing them to get a project total
The answer is Bottom-Up estimates.
Bottom-up estimating involves the estimation of work at the lowest possible level of detail.
The estimates so calculated are then aggregated to arrive at summary totals. The probability to meet the estimated amounts improves substantially by building detailed cost and time estimates for a work package.
In other words, bottom-up estimating approximates an overall value by approximating values for smaller items and using the sum of these values as the overall value.
This cost estimation tool is often used when detailed information is available about lower-level activities. It can be especially useful when estimating projects that are similar to ones that were completed in the past.
Hence, a Bottom-Up estimate is a cost estimation tool that involves estimating individual work items or activities and summing them to get a project total.
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George is fun to be around but loses interest in his work without regular dialogues about it. As a portfolio risk analyst, his tasks can be tedious and detail-oriented. To keep George motivated, his manager can
To keep George motivated, his manager can plan weekly meetings for staff to discuss their work.
In the question, we are given,
George is fun to be around but loses interest in his work without regular dialogues about it.
As a portfolio risk analyst, his tasks can be tedious and detail-oriented.
Therefore, if George's manager plan weekly meeting for staff to discuss their work. It will give George time and place to work with regular dialogues without which he can not work.
Hence, to keep George motivated, his manager can plan weekly meeting for staff to discuss their work.
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Your client Ellis is purchasing a property for $520,000. He made a down payment of $200,000 and plans to finance $320,000. What is the LTV ratio as rounded to the nearest percentage
The LTV ratio as rounded to the nearest percentage is:62%.
Using this formula
Loan-to-value ratio = Margo finance / Purchase cost
Let plug in the formula
Loan-to-value ratio = $320,000 / 520,000×100
Loan-to-value ratio = 61.5%
Loan-to-value ratio =62% (Approximately)
Therefore the LTV ratio as rounded to the nearest percentage is:62%.
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Considering the bid-rent model, when we see rents increase with proximity to the central business district, development will tend to
Considering the bid-rent model, when rents rise in proximity to the central business area, construction will prefer to build upward on sites inside the central business district to accommodate numerous tenants.
The bid rent theory is a geographical economic theory that describes how real estate prices and demand vary as one moves out from the central business area (CBD). It is stated that diverse land users would fight for land in the city center.
This theory focuses on how land values influence land use patterns. These are also affected by transportation costs and accessibility.
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On January 1, 2008 an asset was acquired for $30,000. Its useful life was expected to be 10 years and the salvage value is expected to be $0. After four years of use, the company realized the asset would be useful for only three more years. (In other words, the total useful life of the asset will be seven years instead of the original 10 years.) The company uses the straight-line method of depreciation. The Depreciation Expense in each of the years 2012, 2013, and 2014 will be $___
Each of the years 2012, 2013, and 2014 will incur a $6,000 depreciation expense.
figured out as follows:
Amount to Be Depreciated = Cost of $30,000 less Estimated Salvage Value of $0.
For the years 2012, 2013, 2014, and 2015, $30,000 divided by ten years equals $3,000 every year.
The Book Value is $18,000 after 4 years ($30,000 minus $12,000).
Depreciation of the $18,000 book value will be required over the remaining 3 years= $6,000 annually.
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______________________ argues that the productivity of workers will increase if they are paid more, and so employers will often find it worthwhile to pay their employees somewhat more than market conditions might dictate. Group of answer choices
Efficiency wage theory argues that the productivity of workers will increase if they are paid more, and so employers will often find it worthwhile to pay their employees somewhat more than market conditions might dictate.
Employers who offer efficiency salaries above the minimum wage do so to keep skilled people on staff, boost output, or maintain loyalty. The efficiency wage theory explains why businesses are hesitant to reduce pay even in the face of heightened competition or during recessions.
Workers may experience unemployment because they are paid more than the equilibrium pay, which draws in more workers. Therefore, in contrast to theories that place a strong emphasis on government intervention, such as minimum wages, efficiency wages offer a market failure explanation of unemployment.
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Often, products enter the Blank______ stage of the product life cycle not due to any error in strategy but because of environmental changes.
Often, products enter decline the stage of the product life cycle not due to any error in strategy but because of environmental changes.
What is product life cycle?A product life cycle is the amount of time a product goes from being introduced into the market until it's taken off the shelves. There are four stages in a product's life cycle—introduction, growth, maturity, and decline.
What is the decline stage?The final stage of the product life cycle (after introductory stage, growth stage and maturity stage) when sales are dropping because the original need and want have diminished or because another product innovation has been introduced.
The sales of most products will decline at some stage. This can be due to factors such as technological advances, trends, innovation or changing consumer tastes. You will know when your product reaches the decline stage of its life cycle because you will notice a significant downturn in the revenue it generates.
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The demand for a good increases when the price of a substitute in consumption ________ and also increases when the price of a complement in consumption ________.
The demand for a good increase when the price of a substitute in consumption decreases and also decreases when the price of a complement in consumption increases.
What is demand and supply?Supply and demand is an economic theory that describes how prices are set in a market in microeconomics. In a competitive market, it is hypothesized that all else being equal, the unit price for a specific good or other traded good, such as labor or liquid financial assets, will fluctuate until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted. It is the theoretical cornerstone of contemporary economics.Therefore, the demand for a good increases when the price of a substitute in consumption decreases and also decreases when the price of a complement in consumption increases.
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A basic interest rate that is not adjusted for inflation is called a(n)___ interest rate.
A basic interest rate that is not adjusted for inflation is called a nominal interest rate.
What is Inflation?It should be noted that inflation simply means the increase in the prices of goods and services.
In this case, nominal interest rate is the basic interest rate that is not adjusted for inflation.
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Answer:
Nominal is the answer
Explanation:
Stuart signs a contract that allows him to rent a snowplow from Homer's Plow Company. The contract stipulates that he has to pay $50 per week. Winter ends sooner than expected, so Stuart wants to return the plow ahead of the due date in order to avoid paying unnecessary rent. Homer's Plow Company agrees to let Stuart return the plow as long as he signs a contract that requires him to rent the plow again next year. This is an example of a(n) ________. Group of answer choices release rescission novation waiver arbitration
This is an example of release. Group of answer choices release rescission novation waiver arbitration.
A waiver happens when a party purposefully renounces their ability to enforce a contract. A release is created when one party declares the other side is not required to fulfill its obligations.Damages are amounts given as compensation for costs directly suffered as a result of a contract breach, such as costs incurred from another source.The fundamental components necessary for the agreement to be a valid offer and acceptance, adequate consideration, capacity, and legality are: mutual assent, expressed through a contract-compliant offer.What are the laws of contract?
The area of law that deals with creating and upholding contracts is known as contract law. An agreement that can be upheld by a court is referred to be a contract. The body of legislation known as contract law regulates the formation of contracts, their performance, and the creation of just reparations in the event of a breach.Learn more about laws of contract
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