Which of the Following Describes the Requirement That Both Parties

question 88

Multiple Choice

Which of the following describes the requirement that both parties in a legally binding contract must give something of value?

• A) competent parties
• B) mutual acceptance
• C) consideration
• D) legal purpose

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Definitions:

Video Game Rentals

A service that allows consumers to borrow video games for a limited period of time for a fee.

Pokemon Cards

Collectible cards based on the Pokémon franchise, used for playing the Pokémon Trading Card Game.

Production Possibilities Curve

A graphical representation showing the maximum combination of goods and services that can be produced with a fixed amount of resources.

Capacity

The maximum output level that a firm, industry, or economy can sustain under the current conditions.