Intangible Products,such as Time,expertise,or an Activity That Can Be Purchased

question 231

Multiple Choice

Intangible products,such as time,expertise,or an activity that can be purchased are called ________

• A) industrial goods
• B) personal goods
• C) risky assets
• D) services

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Definitions:

Consideration

In contract law, consideration refers to something of value that is exchanged between parties as part of an agreement.

Bilateral Contract

A Bilateral Contract is an agreement involving two parties where each promises to perform an act in exchange for the other's act, creating mutual obligations.

Legality

The state or condition of being in accordance with the law or legal standards.

Express Contract

A clearly stated agreement between parties where terms are explicitly stated either orally or in writing.