Lisa Enters into a Contract with Acme Groceries,Inc

question 57

Multiple Choice

Lisa enters into a contract with Acme Groceries,Inc.,in which she promises to purchase groceries "as she determines appropriate in the future" from Acme,and Acme promises to sell such groceries to Lisa.This is an example of:

• A) adequate consideration; a promise for a promise
• B) an illusory promise by Lisa
• C) an output contract
• D) an option contract
• E) a requirements contract

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Definitions:

COLA

Cost of Living Adjustment, an increase in income to match rising prices in an attempt to maintain a person's standard of living.

CPI

The Consumer Price Index is an indicator that calculates the average weighted prices of a range of consumer goods and services, serving as a gauge for inflation.

CPI

The Consumer Price Index is a metric that calculates the average prices of a selected group of consumer goods and services, such as healthcare, transportation, and food, using a weighted average system.

Price Index

A statistical measure that examines and tracks the changes in price levels of a basket of goods and services over time, used to measure inflation or cost of living changes.