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​ the Promise or Obligation of Each Party to a Contract

question 7

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​ The promise or obligation of each party to a contract must be supported by consideration in order for the contract to be valid.


Definitions:

Domestic Production

The output of goods and services produced within a country's borders, reflecting the overall activity of its economy.

Leading Export

Refers to the primary goods or services that a country exports the most, making a significant contribution to its economy.

Exports

Merchandise or services transferred for sale or exchange from one country to another.

Imports

Products or services that are imported into a country from overseas to be sold.

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