Cardozo agrees to sell Holmes 100 bowler hats and to deliver them on Friday. He fails to deliver the hats. Cardozo has his contract with Holmes.

Express

Explanation:

Express contract can be defined as a contract which it terms have been spelt out by both parties, everything involved in the contract would be detailed, this agreement is done either orally or written. Cardozo's agreement to sell Holmes 100 bowler hats and to deliver them on Friday is seen as express contract as the number of items to sell and date to deliver were specified.

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levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.