Contracts That Are Implied in Law

question 61

Multiple Choice

Contracts that are implied in law:

• A) are obligations imposed by law on grounds of justice and equity.
• B) are intended to prevent unjust enrichment.
• C) do not rest upon the assent of the contracting parties.
• D) All of these.

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Definitions:

M1 Money Supply

This term describes a category of the money supply that includes all physical money like coins and currency, as well as demand deposits and other liquid assets held by the central bank.

Checkable Deposits

Bank accounts that allow the account holder to write checks or use electronic debit to access funds, including both checking and demand deposit accounts.

Federal Reserve Notes

The physical banknotes issued by the Federal Reserve, serving as the national currency of the United States.

Paper Money

Currency issued by a government or central bank in the form of paper notes and used as legal tender for transactions.