Test 1 - Solution Outline ECO320 - LAST NAME FIRST NAME...

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LAST NAME: FIRST NAME: STUDENT ID# Term Test 1 Monday, October 17, 2016 ECO 320F Robert B. Barber Department of Economics University of Toronto INSTRUCTIONS: All questions must be answered on this Test paper in the space provided. Full marks will only be awarded to fully explained answers accompanied by a fully labelled diagram or diagrams where appropriate. Please read all questions carefully before answering them. TIME: Fifty (50) Minutes AIDS: None
Page 2 QUESTION 1: Explain fully the expectation damages rule of contract law. Why is this rule efficient? Does the Theorem of Coase apply? Why can the expectation damages rule be considered a default rule? (25 Marks)

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