A Promise Not to Act by One or More of the Parties

question 26

Short Answer

A promise not to act by one or more of the parties to a contract is known as ____________________.

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Definitions:

Central Bank

The national financial institution that oversees the monetary system of a country, controlling interest rates and currency supply.

Scarce Supply

Refers to the condition where the availability of a particular good or resource is insufficient to meet the demands.

Market System

An economic system where prices and the distribution of goods and services are determined by competition in a free market.

Private Ownership

Refers to the goods or assets that are owned by individuals or corporations rather than by the government or the public.