Use the Following to Answer Questions

question 94

Multiple Choice

Use the following to answer questions:
Figure: Bananas
-(Figure: Bananas) Refer to the figure. If the price of bananas is $10 a pound, which number is closest to the number of pounds that suppliers will supply?

• A) 5
• B) 50
• C) 60,000
• D) 80,000

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Definitions:

Outstanding Debt

The total amount of borrowed money that is still owed to lenders and has not yet been repaid.

Executory Promise

An agreement between parties that has not yet been fulfilled or completed.

Valid Consideration

Something of legally sufficient value that is exchanged between parties in a contract, forming the basis for the agreement.

Contract

A legally-binding agreement between two or more parties that outlines obligations and rights of the parties.