If an Agreement Is One-Sided, and Only One of the Parties

question 77

True/False

If an agreement is one-sided, and only one of the parties is getting something from the deal, it is called a gratuitous promise and the courts will not enforce it.

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Definitions:

Business Cycles

The fluctuating levels of economic activity that an economy experiences over a period, marked by periods of expansion and contraction.

Contractions

Periods in the business cycle where there is a decline in economic activity, marked by reduced spending and increased unemployment.

Recession

A brief phase of economic downturn, signified by reduced commercial and industrial operations, often defined by a sequential fall in GDP over two quarters.

Expansionary Phase

A period within the business cycle where economic activity, including production, sales, and employment, is growing.