If a Contract Is Required to Be in Writing Under

question 12

Multiple Choice

If a contract is required to be in writing under the Statute of Frauds but is not,the contract is ________.

• A)executed
• B)unilateral
• C)unenforceable
• D)formal

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Definitions:

Value Added

The amount by which the value of goods or services is increased at each stage of its production, exclusive of initial costs.

Marginal Product

The increase in output resulting from a one-unit increase in the amount of a single input, holding all other inputs constant.

Equilibrium Value

The price or point at which the quantity of a product demanded equals the quantity supplied, leading to market stability.

Marginal Product

The additional output that can be produced by adding one more unit of a specific input, holding all other inputs constant.