Examlex
If John's wage increases from $10 to $12 per hour,his opportunity cost of leisure has decreased.
Illusory Promise
A statement that appears to be a promise but, upon closer examination, offers no commitment or assurance to act.
Option Contract
An agreement whereby the offeree gives the offeror a piece of consideration in exchange for the offeror’s agreement to hold the offer open for the specified period of time.
Valid Promise
A pledge or commitment within a contract that meets all legal requirements, making it enforceable by law.
Option Contract
An agreement providing the buyer the right, but not the obligation, to buy or sell an asset at a predetermined price within a specific timeframe.
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