There Is a Presumption Under Common Law That

question 3

Multiple Choice

There is a presumption under common law that:

• A)parties who are family members do not intend to create legal relations.
• B)parties who are friends or social acquaintances do not intend to create legal relations.
• C)parties who are in business and enter into a head of an agreement intend to create legal relations.
• D)parties must not enter into a contract with each other if they are family members.

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Definitions:

Inflation

The pace at which prices for goods and services generally ascend, causing buying power to decline.

Stagflation

A period of falling output and rising prices.

Hyperinflation

An extremely high and typically accelerating rate of inflation, often exceeding 50% per month.

Long-run Equilibrium

A state in an economy or market where all factors of production are fully utilized, and all prices and quantities have adjusted so that aggregate supply equals aggregate demand.