Which of the Following Describes the Requirement That Both Parties

question 88

Multiple Choice

Which of the following describes the requirement that both parties in a legally binding contract must give something of value?

• A) competent parties
• B) mutual acceptance
• C) consideration
• D) legal purpose

---

Definitions:

Worker Hours

The amount of time that employees spend working during a given period, often measured in hours per week or month.

Price Floor

A price floor is a legally imposed minimum price set above the equilibrium price, preventing market prices from falling below it.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, typically downward-sloping.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified period of time.