An Obligation Imposed by Law Where There Has Been No

question 58

Multiple Choice

An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n) :

• A) implied in fact contract.
• B) express contract.
• C) void contract.
• D) quasi contract.

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Definitions:

Trillion Mark

A reference to a period of hyperinflation in Weimar Germany where the mark, the currency at the time, devalued to the point where trillions were needed for basic transactions.

Budget Deficit

The situation where a government's expenditures exceed its revenues over a specified period, leading to borrowing or money printing.

Tax Receipts

The total amount of tax revenue collected by a government from individuals and businesses.

Automatic Stabilizer

Economic policies and programs designed to automatically reduce fluctuations in an economy's output, such as progressive taxation and welfare.