Which of the Following Is not a Requirement for a Valid

question 55

Multiple Choice

Which of the following is not a requirement for a valid contract?

• A) Legality
• B) Capacity
• C) Fairness
• D) Voluntariness

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Definitions:

Industrialized

Pertains to countries or regions that have developed complex and diverse economies with extensive industrial activity as compared to agriculture or primary production.

Scarcity

Refers to the basic economic problem of having seemingly unlimited human wants in a world of limited resources.

Economics

The social science that studies the production, distribution, and consumption of goods and services.

Physical Capital

Assets owned by a business that are tangible and can be used in the production process, such as machinery, buildings, and equipment.