Which Statement Best Explains the Requirement That "Contracts Must Be

question 57

Multiple Choice

Which statement best explains the requirement that "contracts must be supported by mutual consideration"?

• A) There must always be at least two parties to a contract.
• B) Contracts require that the parties treat each other fairly.
• C) A contract involves a bargain or exchange between the parties.
• D) Contracts must be in writing to be enforceable.

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Definitions:

Domestic Currency

The official currency issued by a country's central bank or monetary authority, used within the domestic economy.

Production Possibilities Curve

A graphical representation showing the maximum combination of goods or services that can be produced with a fixed amount of resources.

Absolute Dollar Volume

The total amount of money exchanged or invested, measured in dollars, without adjusting for inflation or other factors.

World Exports

Goods or services sold to other countries, contributing to global trade.