Which of the Following Statements Concerning a Contract Is Not

question 86

Multiple Choice

Which of the following statements concerning a contract is not correct?

• A)A contract is not legally enforceable.
• B)A contract is an agreement between two or more parties.
• C)If a party to a contract fails to keep their promise, they have breached the contract.
• D)Contracts are not required by law to be in writing.

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Definitions:

Income-Expenditure Model

An economic model that represents the equilibrium level of income or output determined by the intersection of aggregate demand and aggregate supply.

Marginal Propensity

The incremental change in spending (consumption or saving) that occurs with a change in disposable income.

Multiplier

An economic factor that quantifies the impact of a change in investment, government spending, or other financial activity on the overall economy.

Marginal Propensity

Refers to the increase in personal consumer spending that occurs with an increase in disposable income.