_____ Essentially Determines the Nature of Agreements That Are Enforceable

question 80

Multiple Choice

_____ essentially determines the nature of agreements that are enforceable and create legal rights between the parties.

• A)Agency law
• B)Contract law
• C)Civil law
• D)Litigation
• E)None of these answers.

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Definitions:

Store of Value

An asset that can be saved, retrieved, and exchanged in the future without losing value.

Medium of Exchange

Any item that is widely accepted in exchange for goods and services, thus facilitating trade by eliminating the need for a double coincidence of wants.

Inflation Rate

The percentage rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.

Velocity of Money

The rate at which money circulates in the economy, often used to gauge the health and vitality of economic activity.