What Are Two Exceptions to the Rule Requiring Consideration

question 57

Multiple Choice

What are two exceptions to the rule requiring consideration?

• A) A bilateral contract and a unilateral contract.
• B) Promissory estoppel and an illusory contract.
• C) A contract under seal and promissory estoppel.
• D) A contract under seal and an illusory contract.
• E) A contract under seal and a contract involving a liquidated debt.

Grasp the concept of consumer sovereignty and its implications for product success in the market.

Understand the roles of households and businesses in the market system.

Comprehend how a market system manages business risks.

Grasp the concepts of risk management, including the purpose of insurance.

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Definitions:

Active Participants

are individuals who engage directly and deliberately in activities or processes, contributing to and influencing outcomes through their involvement.

Consumers

Individuals or entities that purchase goods or services for personal use and not for manufacture or resale.

White Worldview

A perspective or worldview informed by the experiences and cultural norms of white people, often considered in critical race theory.

Blackness

A term denoting the complex social, cultural, and political experiences and identities of people of African descent, often in the context of racial categorization and identity politics.