Which of the Following Is Not a Required Element for a Legally

question 84

Multiple Choice

Which of the following is not a required element for a legally enforceable contract?

• A) consideration
• B) competent parties
• C) legal object
• D) valid counteroffer

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Definitions:

Market Share

The portion of total sales in a market captured by a specific company, product, or brand, usually expressed as a percentage.

Monopolistic Competition

A market structure characterized by many sellers offering differentiated products, leading to competition that is neither purely competitive nor purely monopolistic.

Oligopoly

A market structure characterized by a small number of firms dominating the market, which can limit competition and lead to higher prices.

Oligopolistic Market

A market structure characterized by a small number of large firms dominating the market, leading to limited competition and possibly collusive behavior.