________ Is One in Which Foreign Transactors - of Either

question 13

Multiple Choice

________ is one in which foreign transactors - of either goods or financial assets-play a negligible role.

• A) A closed economy
• B) An open economy
• C) A domestic economy
• D) A growing

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Definitions:

Price Term

A condition in a contract specifying the amount to be paid for the goods or services.

Collateral Promise

A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship, such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be in writing to be enforceable.

Before Marriage

Refers to the period or status of individuals' lives before entering into a legally recognized marital union.

Writing Requirement

A legal principle that certain kinds of contracts must be in writing to be enforceable.