4 questions

Briefly explain when the failure to perform a contractual promise is efficient. (2 points) Demonstrate graphically the expected liability cost curves for a faultegligence offence and a strict liability offence. Identify the optimal level of precaution x* for each type of offence. (5 points) The Competition Act requires that adequate and fair disclosure of certain information be made to contest entrants. What does that disclosure include? (3 points) Vendors cannot advertise a product for sale and within the relevant specified time period sell the product at a higher price than that which was advertised. Provide two examples that this restriction does not apply to. (2 points)