The Two Approaches to the Interpretation of Contract Are the

question 5

Multiple Choice

The two approaches to the interpretation of contract are the

• A) straight approach and direct approach.
• B) plain meaning approach and liberal approach.
• C) liberal approach and straight approach.
• D) liberal approach and direct approach.
• E) plain meaning approach and context approach.

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Definitions:

Benefits-Received Principle

A theory in taxation that believes individuals should be taxed based on the level of government services they consume.

Marginal Tax Rates

The rate at which an additional dollar of income is taxed, demonstrating the progressive nature of income taxation.

Average Tax Rates

The ratio of the total amount of taxes paid to the total income, indicating the percentage of income that goes towards taxes.

Regressive Tax

A tax system that takes a smaller percentage of income from individuals as their income increases, often considered less fair to lower-income earners.