A Contract Where the Consideration Exceeds $1,000 Is Automatically Considered

question 115

True/False

A contract where the consideration exceeds $1,000 is automatically considered a formal contract.

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Definitions:

Legitimate Purposes

Valid or acceptable reasons or objectives for a policy, action, or law as recognized by a governing body or morality.

Tit-For-Tat

A strategy in game theory where a player responds to an opponent's action with equivalent action.

Repeated Game

A strategic situation where the same game (set of players, strategies, and payoffs) is played more than once, allowing for strategies to evolve based on prior outcomes.

Sherman Antitrust Act

A United States antitrust law passed in 1890 aimed at preventing monopolies and promoting competition in business.