According to the Textbook, the Three Different Types of Competitors

question 14

Multiple Choice

According to the textbook, the three different types of competitors a business will face are ________.

• A) potential, direct, and upcoming
• B) indirect, fleeting, and future
• C) serious, cautious, and future
• D) direct, indirect, and future
• E) potential, fleeting, and indirect

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Definitions:

Consideration

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

Bargained-For Exchange

A fundamental principle in contract law where both parties must exchange something of value for a contract to be considered valid and enforceable.

Genuine Assent

The agreement to enter into a contract based on a clear understanding of its terms, without any duress, fraud, or undue influence.

Undue Influence

An improper or wrongful pressure exerted on a person, resulting in the person acting against their free will or in a manner not reflective of their intent.