All Contracts Begin with a Promise,but Not All Promises Become

question 24

Essay

All contracts begin with a promise,but not all promises become contracts.Explain.

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Definitions:

Price

The amount of money required to purchase a good or service, which can fluctuate based on supply and demand dynamics.

Production Technology

The set of processes, methods, or equipment used by firms in the production of goods or services, which affects productivity and efficiency.

Input Prices

The cost of raw materials and other inputs used in the production of goods and services. Lower input prices can increase profitability for producers.

Production Technology

The methods, processes, and equipment used to produce goods and services.