1. contract may facilitate exchange when which of the following is true?

a. one party is monopolist so there's no perfect competition

b. exchange is deferred

c. no transaction cost

d. none

4. Suppose one party to a contract breaches the contract due to particular contingency but the contract is silent as to which party should bear the risk of that contingency. Econ efficiency suggests which party should bear the risk?

a. breaching party

b. non-breaching party

c. whichever party would have the least cost avoider

d. not enough enfo