Of the Following Elements, Which One Is NOT Required to Create

question 54

Multiple Choice

Of the following elements, which one is NOT required to create an enforceable trust?

• A) Consideration.
• B) A beneficiary.
• C) Legal capacity.
• D) Specific property.

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Definitions:

Positive Utility

Positive utility refers to the benefit or satisfaction obtained from consuming a good or service, contributing to the overall well-being of the consumer.

Maximizing Utility

The economic principle aiming to achieve the highest level of satisfaction possible with available resources.

Price

The cost at which something is being sold, reflecting the value that consumers or purchasers assign to a good or service.

Utility

An economic term referring to the total satisfaction received from consuming a good or service.