Which of the Following Is a Requirement in Order to Have

question 24

Multiple Choice

Which of the following is a requirement in order to have a legally enforceable agreement?

• A) The parties must have intended to create legal relations.
• B) The agreement must have been signed by the parties.
• C) The parties must have equal bargaining power.
• D) The agreement must be in writing and witnessed.

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Definitions:

Say's Law

A principle attributed to French economist Jean-Baptiste Say, suggesting that supply creates its own demand, meaning production inherently generates the demand for goods and services.

Consumption

The action or process of using goods and services for personal needs or desires, typically considered as a component of GDP.

Keynes

Refers to John Maynard Keynes, a British economist whose theories on government economic intervention to mitigate the adverse effects of recessions and depressions significantly influenced modern macroeconomics.

Aggregate Demand

The entire market demand for goods and services in an economic setting, priced collectively at a given level during a specified period.