A father and a mother had been married for 30 years and had one adult son. The father and the mother agreed that each would make a will leaving his or her entire estate to the other, and when the surviving spouse died, the surviving spouse’s entire estate, including any inheritance received from the predeceased spouse, would be left to their son. The father, the mother, and the son visited a lawyer, who prepared wills for the father and the mother that carried out their testamentary intentions. The lawyer also prepared an agreement, which was signed by the father and the mother, in which each promised not to change the testamentary disposition benefiting the son. The son, who was present during the execution of the documents, was asked by the mother and the father if he agreed to the estate plan. He replied that he did. Shortly thereafter, the mother died. After collecting his distribution of the estate, the father moved in with his high school sweetheart. The father then made a new will, which was in effect at his death, leaving his entire estate to the sweetheart. If the son sues the father’s estate, what will he recover?

Which of the following describes the marginal product of labor?

Mike hires Matt to replace the shingles on the roof of her house. When Matt has completed 90% of the work, the house is hit by a hurricane and is destroyed. Matt will be able to recover for the work done in quasi-contract.

Refer to the accompanying figure to answer the following questions. The deadweight loss associated with this profit-maximizing monopoly is equal to

Madeline and Alexander entered into a contract for Alexander to tutor Madeline’s son, Luke, in French during the school year to ensure that Luke receives a high grade in his language course. The day before classes began, Luke switched his schedule to take German instead of French.  Is the contract discharged?

ShowCo, located in Pottsfield, produces shows for theater owners. StageCo, located in Cincotti, owns and operates a theater. On July 1, 2019, ShowCo and StageCo form a contract including these terms: Whereas StageCo plans to sell seats in its theater for $100 each on such dates and for such performances as are described below, and whereas Morton Green is a world-renowned baritone revered, moreover, for his portrayal of the part of Ko-Ko in the opera hereinafter mentioned, the parties do agree that: ShowCo will produce, at StageCo’s facility, on the dates October 1 to October 15, 2019, inclusive, the comic opera Mikado, for which ShowCo will hire, furnish, and pay the entire cast and orchestra, the leading baritone role of Ko-Ko to be played by the celebrity Morton Green; and StageCo will, on November 1, pay ShowCo $500,000 for such service. Which of the following facts, if proven, would most likely discharge ShowCo’s duty to perform on the theory of impracticability?

Refer to the accompanying figure to answer the following questions. When a competitive market comes under the control of a monopoly, the quantity changes from

Nora hired Stewart to make her a dress out of a specific type of silk. Stewart agreed. When Stewart went to purchase the silk, he learned that that particular type of fabric was no longer produced and had not been produced for several years.  Is the contract discharged due to impossibility?

ArmCo is in the business of selling weapons to national governments. On September 1, 2019, the nation of Qarat is at war with Bohrein and, as is widely publicized, the nations are conducting peace negotiations even as they fight. Also on September 1, by signed writing, ArmCo as buyer contracts with WeapCo as seller for the purchase of 100 tanks at $200 million, delivery to be made eleven months later on August 1, 2020. ArmCo forms the contract in order that it be able to supply Qarat and Bohrein with additional tanks if and as the two nations seek to purchase them. ArmCo pays WeapCo $20 million on September 1 and promises to pay the remaining balance on August 15, 2020. On July 1, 2020, the warring nations reach a peace accord. The war ends. Consequently, ArmCo is unable to sell the tanks. It wants not to pay WeapCo any remaining purchase price. If ArmCo claims discharge by frustration of purpose, which of the following facts, if proven by WeapCo, would weaken ArmCo’s claim?

Which of the following is a similarity between a perfectly competitive firm and a monopoly?