Preexisting Duty Promise Is Unenforceable Because of the Introduction of a New

question 64

True/False

Preexisting duty promise is unenforceable because of the introduction of a new consideration.

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Definitions:

Income Effect

The alteration in the income of an individual or an economy and its impact on the demand for a specific good or service.

Private Saving

Private saving is the portion of household income that is not consumed or paid in taxes, but instead is saved or invested.

Corporate Tax Rates

The percentages of corporate profits that businesses must pay to the government as taxes.

Means-tested

Pertaining to government programs that require individuals to meet certain income or asset criteria to qualify for benefits.