In Addition to the Four Basic Requirements of a Contract

question 71

Multiple Choice

In addition to the four basic requirements of a contract, which of the following must also occur in order to have a valid contract?

• A) The agreement must always be in writing.
• B) There must be evidence of undue influence.
• C) There must be an absence of invalidating conduct.
• D) A legal remedy must be available for there to be a breach.

Grasp various sales and advertising strategies, including trade advertising and the use of premiums.

Understand the principles of pricing, discounting, and credit policies to gain competitive advantages.

Recognize the multifaceted knowledge required for sales success beyond product features.

Value the role of technology in enhancing sales performance through better account control and efficiency.

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Definitions:

Behavioral Economics

is a field of economics that studies how psychological, emotional, cultural, and social factors affect economic decisions of individuals and institutions.

Psychology

The scientific study of the human mind and its functions, especially those affecting behavior in a given context.

Standardization

The process of implementing and developing technical standards based on the consensus of different parties including firms, users, interest groups, standards organizations, and governments.

Cost Economies

Refers to the reduction in average cost of production as a firm increases its size or volume of output, typically achieved through operational efficiencies.