Which of the Following Is Not One of the Four

question 72

Multiple Choice

Which of the following is not one of the four basic conditions or elements that a contract must meet in order to be binding?

• A) legality
• B) agreement
• C) capacity
• D) formal documentation

---

Definitions:

Price Of Labor

Refers to the wage rate, or the amount of compensation workers receive in exchange for their labor.

Sri Lanka

An island country in South Asia, located in the Indian Ocean southwest of the Bay of Bengal and southeast of the Arabian Sea.

Capital Abundant

A description of an economy or sector that has a large amount of capital (such as machinery, tools, and buildings) available compared to labor.

Factor Markets

Markets in which firms buy the resources they need to produce goods and services.