In What Way Are a Contractual Promise and a Contractual

question 37

Multiple Choice

In what way are a contractual promise and a contractual obligation similar to each other?

• A) Both must be adequate to be enforceable.
• B) Both represent a pre-existing duty.
• C) Both may be arbitrarily revoked.
• D) Both must be present for validity.

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Definitions:

Utility

A measure of satisfaction, usefulness, or pleasure obtained from consuming goods and services.

Well-being

The state of being comfortable, healthy, or happy; often used to refer to economic, social, and health status of individuals or populations.

Income

Money received, especially on a regular basis, for work, through investments, or from business activities.

Risk-averse

A preference for certainty over gamble, where an individual prefers to avoid risk even if it means a potentially lower expected return.