Past Actions Unbargained for by the Parties in an Agreement

question 65

True/False

Past actions unbargained for by the parties in an agreement can become valid consideration for a contract.

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Definitions:

Interest Rate

The cost of borrowing money or the reward for saving, typically expressed as a percentage of the principal amount per year.

New Machinery

Refers to recently developed or acquired equipment that is used in manufacturing or production processes.

Effective Usury Laws

Legislation that regulates and limits the amount of interest that can be charged on loans, preventing excessively high rates.

Credit and Loans

Financial products that allow individuals or entities to borrow money, typically with the promise of repayment at a future date along with interest.