People Can Make Better Use of Resources If They _____

question 106

Multiple Choice

People can make better use of resources if they _____.

• A)have inherited family wealth
• B)are living in developed countries
• C)are a part of the government
• D)are educated
• E)have invested in stocks and bonds in other nations

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Definitions:

Implied Agency

A legal relationship formed by the actions of the parties involved rather than by written agreement or document.

Equal Dignity Rule

A legal doctrine requiring that contracts authorizing someone to conduct a transaction must be executed with the same formality as required for the transaction itself.

Statute of Frauds

A legal doctrine requiring certain types of contracts, such as for the sale of land or goods over a certain value, to be in writing to be enforceable.

Respondeat Superior

A legal doctrine holding employers liable for wrongful acts committed by employees while performing their job duties.