A 'Contract' Is

question 39

Multiple Choice

A 'contract' is:

• A)An act that causes harm to another person and gives that person the right to commence litigation to recover compensation or some other civil remedy.
• B)A legally enforceable agreement.
• C)An act that constitutes breach of a statutory provision, giving rise to statutory liability.
• D)A harmful act or omission that leads to prosecution by the State and punishment of the offender.

---

Definitions:

Selling Price

The cost at which a good or service is made available for purchase to consumers.

Traceable Fixed Expense

Fixed costs that can be directly linked to a specific business segment or product line.

Net Operating Income

The profit a company makes from its operations, exclusive of taxes and other non-operational expenses.

Price Hike

An increase in the selling price of goods or services, often due to increased production costs or higher demand.