The World of Commerce Requires That the Intention to Create

question 22

True/False

The world of commerce requires that the intention to create a legal relationship be proven before any contract can be found to exist between the parties.

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Definitions:

Efficient Level

The optimal point of production or operation where resources are utilized in the most effective manner, without waste, to achieve a desired outcome or maximized benefit.

External Costs

Costs caused by a business activity that are not borne by the business itself, but by other people or the environment.

External Benefits

Benefits from an economic activity experienced by parties not directly involved in the transaction, often leading to positive spillovers in society.

Subsidizing Production

The act of providing financial support to companies or industries to reduce the cost of producing goods or services, often to encourage production or lower prices for consumers.