Tate Enters into a Contract with Smith Under the Terms

question 68

Multiple Choice

Tate enters into a contract with Smith under the terms of which Smith is to pay Tate $7,000 and Tate is to build a garage,repair a boat,and build a doghouse.If the doghouse has not yet been built,which term describes the type of contract in existence?

• A) Quasi contract
• B) Executed contract
• C) Illusory contract
• D) Executory contract

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Definitions:

Ability-To-Pay Taxation

A taxation principle that suggests taxes should be levied based on an individual's or entity’s capacity to pay, focusing on fairness and equity.

Income Receivers

Individuals or entities that receive income through various means such as employment, investments, or ownership of resources.

Tax Structure

The organized system of taxes imposed by a government, including the rates, bases, and rules governing tax liabilities.

Government Lotteries

State-run games of chance that allow participants to win monetary prizes based on randomly drawn numbers or symbols.