Which of the Following Statements Is TRUE

question 94

Multiple Choice

Which of the following statements is TRUE?

• A) Cartels generally persist and are quite common.
• B) Few cartels move an industry from competition to pure monopoly.
• C) Cartels work better when there are more firms involved.
• D) Cartels persist because the cartel members enforce their agreements.

Understand the concept of consideration in contract law, including its necessity for a valid contract.

Identify and explain the legal doctrine of promissory estoppel and its application.

Differentiate between liquidated and unliquidated debts and their implications on accord and satisfaction.

Recognize exceptions to the rule requiring consideration, including promissory estoppel and modifications under the UCC.

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Definitions:

Behaviour Therapy

A type of psychotherapy that focuses on changing unwanted behaviors through various techniques, such as conditioning.

Insight Therapy

A psychological treatment aimed at increasing a person’s awareness of underlying motives and defenses.

Relaxation Methods

Techniques designed to reduce tension and stress, promoting a state of calmness and tranquility.

Aversion Therapy

A behavioral treatment method that uses unpleasant stimuli to reduce or eliminate undesirable behaviors.