An Association of People Organized Under a System of Rules

question 23

Multiple Choice

An association of people organized under a system of rules designed to advance the good of its members over time is called a

• A) business.
• B) constitution.
• C) government.
• D) monopoly.
• E) society.

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Definitions:

Consideration

A fundamental component in contract law that involves something of value exchanged between parties, which is necessary for a contract to be legally binding.

Binding

Describes an agreement or legal decision that is enforceable by law, meaning parties are legally obligated to comply with the terms.

Consideration

The benefit which must be bargained for between the parties and is the essential reason for a party entering into a contract.

Exchange Of Money

The act of giving one form of currency in return for another, which can occur in financial transactions, currency exchange, or the purchase of goods and services.