Agreements Enforceable Without Consideration Are Generally Based on Principles of ____________________

question 3

Short Answer

Agreements enforceable without consideration are generally based on principles of ____________________ rather than on principles of law.

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Definitions:

Opportunity Cost

The cost of the next best alternative that is forgone when making a decision.

Economic Concept

A principle, theory, or idea that forms the basis for economic analysis and decision-making.

Marginal Analysis

An approach in economics that involves examining the consequences of adding to or subtracting from the current situation.

Opportunity Cost

Foregoing the opportunity for advantages from different choices by opting for a specific one.