The Consideration in a Sales Contract Is Must Always Be

question 13

True/False

The consideration in a sales contract is must always be expressly stated as money or money's worth.

Identify the advantages and legal statuses of corporate ownership.

Recognize government actions in maintaining a capitalist economy.

Understand the ideal features of communism as an economic system.

Analyze the impact of globalization on less developed countries.

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Definitions:

Functionally Illiterate

The condition of having limited reading and writing skills that are insufficient for everyday needs.

Mistake of Fact

A misunderstanding or incorrect belief regarding a fact that is material to a contract at the time of its formation, potentially rendering the contract voidable.

Non Est Factum

A legal defense in contract law where a person asserts they were mistaken about the fundamental nature of a contract they signed, rendering it void.

Guarantee Indebtedness

An obligation or commitment by one party to assume responsibility for the debt of another if they default.