A Contract Consists of Two Important Parts

question 27

Multiple Choice

A contract consists of two important parts:

• A)mutual assent and consideration
• B)due process and consideration
• C)mutual assent and due process
• D)none of the above

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Definitions:

Individual Choice

Decision-making by individuals based on their preferences, resources, and trade-offs they face.

Productive Capacity

The maximum output that an economy can produce without increasing inflation, driven by available resources and technology.

Specialization

The focus of a business, region, or individual on producing a limited range of goods or services to gain greater efficiency and productivity.

Eighteenth-Century

A period in history ranging from the year 1701 to 1800, characterized by significant developments in politics, philosophy, science, and arts.