Four Essential Elements Are Necessary to Create a Valid Contract

question 38

Multiple Choice

Four essential elements are necessary to create a valid contract. Which of the following is not one of these elements?

• A) Something of value must be given by each party.
• B) The offeror and offeree must reach agreement.
• C) The parties have the capacity to contract.
• D) The agreement must be in writing.

Comprehend the effectiveness of persuasion in various contexts and cultures.

Understand the mechanisms and ethical considerations of impression management.

Understand what organizational politics is and how it can affect the workplace.

Recognize the impact of resource allocation ambiguity and complexity on organizational politics.

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Definitions:

Unemployment

Unemployment refers to the situation when individuals who are capable of working and are actively seeking work are unable to find employment.

Inflation

A broad upsurge in pricing with a corresponding fall in the worth of money.

Short-run Phillips Curve

A graphical representation showing the inverse relationship between unemployment and inflation rates in the short term.

Inflation Expectations

Inflation expectations are the rate at which people—consumers and investors—expect the general level of prices to change in the future.