According to the Textbook,members of the Lower Class Today

question 4

Multiple Choice

According to the textbook,members of the lower class today

• A) make up roughly 50 percent of American households.
• B) have household income typically lower than $20,000.
• C) own their own homes.
• D) are less likely to be nonwhite than other social classes.

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Definitions:

Valid Consideration

Something of value exchanged between parties in a contract, which is necessary for the contract to be legally enforceable.

Unilateral Contract

An agreement in which one party makes a promise in exchange for the other party's action but does not require a reciprocal promise to act.

Preexisting Duty Rule

A legal principle that states an existing duty cannot serve as consideration for a new contract, but modifications can occur if additional or new consideration is provided.

Unforeseen Circumstances

situations or events that were not predicted or expected and can significantly impact contracts or agreements.