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:

Natural Monopoly

A market condition where a single firm can supply the entire market at a lower cost than any combination of two or more firms due to economies of scale.

Social Regulation

Government-imposed regulations aimed at improving health, safety, and the welfare of the public, covering issues like pollution and workplace safety.

Antitrust Policy

Regulations and laws designed to promote competition and prevent monopolies, protecting consumers from predatory business practices.

Laissez-Faire Perspective

An economic philosophy of minimal government interference in the affairs of businesses and markets.