Alice Says to Brian, "If I Decide to Buy a Word

question 37

Multiple Choice

Alice says to Brian, "If I decide to buy a word processor next year, I will buy it from you." This is an example of:

• A)an illusory promise.
• B)past consideration.
• C)the pre-existing duty rule.
• D)good consideration.

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Definitions:

Productive Resource

An economic term for the inputs used in the production of goods or services in the attempt to make an economic profit.

Inelastic

Describing a situation where the demand or supply for a good or service is not highly sensitive to changes in price.

Loan Interest

The additional amount paid by a borrower to a lender in exchange for the use of borrowed money, often expressed as an annual percentage rate.