Examlex
Which of the following is a factor of production for a firm?
Past Consideration
A concept in contract law that refers to a benefit or act that has already been given or performed before the promise is made, which is not valid consideration for a current contract.
Bilateral Contract
An agreement involving two parties where each promises to perform an act in exchange for the other's act.
Return Promise
An agreement in a contract where one party promises to perform an action in response to the performance of a second party.
Objective Standard
An objective standard refers to a legal criterion that is based on factual measurements or external circumstances, rather than personal opinions or feelings.
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