Establishing a Unit of Value and Establishing a Standard Means

question 236

True/False

Establishing a unit of value and establishing a standard means of payment are two functions of a monetary system.

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Definitions:

Charitable Tax Relief

Financial deductions available to taxpayers who make contributions to legally recognized nonprofit organizations.

Valid and Enforceable

Pertaining to a contract or agreement that is legally binding and can be upheld in a court of law.

Statute of Frauds

A legal requirement that certain types of contracts be memorialized in a signed writing with sufficient content to evidence the contract.

Contract of Guarantee

A contract where a third party agrees to be responsible for the debt or obligations of a borrower in case the borrower fails to fulfill their contractual obligations.