For a Contract to Be Valid and Enforceable, It Must

question 40

Multiple Choice

For a contract to be valid and enforceable, it must be formed for

• A) any purpose, whether or not the purpose is legal.
• B) any purpose or no purpose, legal or otherwise.
• C) a legal purpose.
• D) a financially beneficial purpose.

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Definitions:

Aggregate Supply Curve

A graphical representation showing the total quantity of goods and services that producers in an economy are willing and able to supply at different price levels.

Price Level

Price level is the average of current prices across the entire spectrum of goods and services produced in the economy, used to measure inflation or deflation.

Aggregate Supply Curve

An illustrative chart that demonstrates the aggregate supply of goods and services that producers within an economy are prepared to provide at varying prices.

Aggregate Demand Curve

The Aggregate Demand Curve represents the total amount of goods and services demanded across all levels of an economy at various price levels.