A Contract Is Defined as

question 26

Multiple Choice

A contract is defined as .

• A) a formal writing that is signed and notarized as required by law
• B) a legally enforceable exchange of promises
• C) an exchange of a promise for an act, whether or not it is legally enforceable
• D) an exchange of goods or money for services or barter

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Definitions:

Exchange Control

Restriction on importation of certain products or against certain companies to reduce trade and expenditures of foreign currency.

Domestic Capital

Financial assets and resources available within a country, including savings and investments, that are used for economic growth.

Foreign Corrupt Practices Act

A U.S. law that prohibits companies from bribing foreign officials to obtain or retain business.

General Agreement

A broadly defined consensus or mutual understanding between parties on a range of issues or terms of engagement.