Some of the Elements of a Contract Are Agreement,consideration,legality,and Capacity

question 45

True/False

Some of the elements of a contract are agreement,consideration,legality,and capacity.

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Definitions:

Equilibrium Price

The cost at which the amount of products available for sale matches the volume of products consumers want to buy.

Equilibrium Quantity

The quantity at which the supply and demand for a good or service are equal at a certain price level, leading to market equilibrium.

Pumpkin Market

A market or segment of the economy focused on the production, distribution, and sale of pumpkins.

Consumer Surplus

The distinction in the total potential consumer payment for a good or service and their actual payment.