Cliff Agrees with Sarah to Extend the Closing Date of the Purchase

question 74

Multiple Choice

Cliff agrees with Sarah to extend the closing date of the purchase of his house for one week. Sarah agrees to pay Cliff $1,000 for this extension. This extension term is called:

• A)an offer.
• B)an option
• C)a conditional term
• D)an acceptance
• E)an extension offer

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Definitions:

Shadow Welfare State

A term describing indirect government social welfare policies implemented through tax breaks, subsidies, and other means not directly recognized as social welfare spending.

Tax Breaks

Governmental incentives that reduce the tax liability of individuals or businesses, encouraging certain economic activities or investments.

Tax Expenditures

Tax expenditures are government revenue losses attributed to tax provisions allowing special exclusions, exemptions, or deductions from taxable income or providing tax credits.

National Treasury

The government department responsible for developing and implementing the country’s financial and tax policies, managing government revenue, and economic policy.